$2.5 million coming to Cleveland to fund home repair programs
CLEVELAND, Ohio (WOIO) - Cleveland Mayor Justin Bibb announced a partnership with KeyBank to give homeowners money to improve their homes.
In total, $2.5 million in grants will fund home repair programs in Cleveland.
“We are here to talk about home ownership a critical milestone for so many of our community members, but ownership is just the beginning. Once ownership is obtained, maintaining that home is the next phase,” said Chris Gorman, CEO of KeyBank.
This money is being added to the already $15 million the city received from the American Rescue Plan Act.
“The need for home repair in the City of Cleveland is enormous. Some have estimated it at between $750 million and $800 million. So we have a lot of work to do,” said Kevin Nowak, President and CEO of CHN Housing Partners.
Grants are being awarded to CHN Housing and LISC Cleveland, who are partnering with the City of Cleveland to distribute the funds to qualifying residents.
“We are creating an innovative system that serves as a one stop shop for home repair,” said Nowak. “Our vision for this system is act as a single entry point for multiple programs to make it easier for Clevelanders to apply for home repair support.”
The City didn’t specify on who is getting the money and how, but Mayor Bibb said this initiative is helping to unlock critical resources that make a difference in the city.
“Having a partner like KeyBank, leverage our $50 million capital commitment is going to go a long way to incentivize other private sectors to help us leverage these dollars to restore and fix all of Cleveland’s neighborhoods,” Mayor Bibb said.
The city did say that the funds will be available for residents early next year.
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