In a recent meeting of the Cleveland City Council, forgivable home-repair loans are now available for Cleveland’s southeast side.
Forgivable Home-Repair Loans
Home-repair loans are now approved after a recent meeting from the City Council of Cleveland. The council brought back the topic of creating a fund amounting to $5 million for rehabilitation and home repair loans for Cleveland’s southeast side. Jasmin Santana, a member of the council, inquired as to how the officials of the city will handle gentrification. They cleared that the funding will only focus on existing Southeastern residents, compared to using the funds to attract possible newcomers.
The home-repair loans would be forgivable if a person or people would stay in a home within a given time period. Officials hope that this will urge people to stay in their respective homes rather than sell them.
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No Clapback from the American Rescue Plan Act
Ahmed Abonamah, the Chief Financial Officer of Cleveland, urged the members of the council to transfer the $141 million American Rescue Plan Act (ARPA) funds to the Strategic Priority Subfund. Given that the ARPA funds of Cleveland are safe from being taken back to the debt relief funds of the federal government, Abonamah explained that this transfer allows for the protection of said funds.
Abonamah added that if the ARPA funds are to be transferred to the subfund, they would be spent for ARPA purposes. Hence, the funds would be used for education and housing, which are all the priorities of ARPA.
