Home Purchase Program for Working Households of GCL Nonprofit Institutions

The GCL home purchase program is for working households (households whose annual income is $150,000 or less) and is a $5,000 forgivable loan that can be used for down payment and/or closing costs associated with the purchase of an owner-occupied residential property in the GCL Area. The GCL loan will be forgiven if the employee (full time) continues to work for their employer and continues to occupy the residence for 60 months (five years) after the GCL loan has closed. All GCL loans will be unsecured and will carry an interest rate of 0%.

If you are a full time employee of a qualified nonprofit in the GCL area other than Cleveland Clinic, University Hospitals, Case Western Reserve University and the Cleveland Museum of Art and Judson at University Circle. Click here to determine eligibility or call the GCL program administrator at 216-361-8400 for program requirements.

GUIDELINES TO DETERMINE ELIGIBILITY FOR NONPROFIT INSTITUTIONS

• Must have articles of incorporation
• Must be a 501 (c) (3) (submit IRS letter)
• Must have been in existence for at least 24 months
• Must be governed by a board of directors (submit board roster with affiliations)
• Must be in good standing with the state of Ohio (please submit letter of good standing)
• Must have a board resolution authorizing participation in the program
• Must have financial statements (audited or unaudited)