The Fund for the Future provides low-interest loans to home buyers who will help sustain Shaker's racially diverse neighborhoods. The loans are for down payment assistance.

Don't Miss Fundraiser at Marshal Mansion June 8

The following requirements and loan features apply only to existing single-family and two family homes.

Loan Eligibility Requirements

• The home must be owner-occupied.
• The home must be in a neighborhood where the purchase will enhance the neighborhood's racial diversity.
• The home buyer must contribute a minimum of 5% of the down payment.

Loan Features

• The Fund will match up to 10% of the purchase price, not to exceed $18,000.
• The interest on the loan is half of the current rate charged for a 30-year 0-point fixed mortgage as published in the Wall Street Journal.
• The loan is repaid over 10 years, with no prepayment penalty.
  

A minimum of 3% of the down payment must be provided by the borrower.

Prospective borrowers must apply in person, by appointment. Documents necessary for the meeting include a signed purchase agreement, a first-mortgage lender application, and a legal description of the property. To make an appointment, call the Fund for the Future, 216-491-1457.

Fund borrowers are eligible for grants for home improvements. The Energy-efficient Grant pays for an energy-efficiency assessment and 50% of any energy-related repairs up to $4,000.   

The Historic Preservation Grant covers 50% of historic preservation costs up to $4,000. The City will provide technical assistance at no cost.

Fund for the Future Special Programs

The Fund is currently assisting two innovative housing programs, Avalon Station of Shaker and the Winslow Road Preservation Visual Impact Project.

Avalon Station of Shaker

The Fund for the Future is offering a limited number of low-interest down payment loans at Shaker's most exciting new condo and loft development, Avalon Station. Named for the nearby rapid transit stop near Avalon Road and Van Aken Boulevard, Avalon Station units are priced to be affordable to a broad range of potential buyers.

Loan Eligibility

• The unit must be owner-occupied.

• The buyer must contribute a minimum of 5% of the down payment.

Loan Features

• The Fund will match up to 10% of the purchase price, not to exceed $18,000.
• The interest on the loan is half of the current rate charged for a 30-year 0-point fixed mortgage as published in the Wall Street Journal.
• The loan is repaid over 10 years, with no prepayment penalty.

Contact the Fund for the Future, 216-491-1457.

Winslow Road Home Improvements

Winslow Road is a unique street in Shaker, comprised entirely of two-family homes. The Visual Impact Project was created by the Winslow Preservation Organization (WPO), a home owners organization committed to the preservation and beautification of their street. In conjunction with the WPO, the Fund for the Future makes grants for Winslow Road home improvements, to be matched by homeowners.  

Signage

The Fund for the Future has commissioned the design and manufacture of “Home for Rent” signs, available to all Shaker rental property owners. The signs are sold at the Shaker Community Building, 3450 Lee Road.

Rental owners in the Certified Shaker program are eligible for a special attachment to the for-rent sign, designating their status as a Certified Shaker property. Attachments are available at the Neighborhood Revitalization Department in the Shaker Community Building, 3450 Lee Road, 8:30 AM. to 5 PM, Monday through Friday.

The Fund for the Future of Shaker Heights is a not-for-profit organization created in 1985 to provide secondary mortgage financing and grants for home improvements to home buyers in designated neighborhoods, for the enhancement of racial diversity in those neighborhoods. The Fund was created with a $100,000 grant from the Cleveland Foundation and the Gund Foundation and another $200,000 from local donors.