Office of Citizen
Rest in Peace,
More NEW math in Slavic Village
Submitted by mabeldog on Fri, 11/21/2014 - 13:20.
Neighborhood Housing Services is a willing participant in the Slavic Village "Recovery" math. So flagrantly willing that one might even call it a fraudulent use of federal, state and county funds (that's tax $$$$$$$$ for those who pay into the system), they have gone above and beyond to help these "sales" happen. EVEN overriding their own "assistance" maximums. According to their downpayment assistance tab on www.nhscleveland.org "downpayment assistance in excess of A MINIMUM OF 3% THAT THE HOME BUYER WOULD BE REQUIRED TO PROVIDE FROM THEIR OWN FUNDS". "Their own funds" has a whole new definition to the neighborly folks over in Slavic Village Recovery. AND also from the same tab there are three categories which are summed up as follows. Borrowers are able to score between 13% and 17% of the purchase price in "assistance"or a MAXIMUM OF $10,000 WHICHEVER IS LESS. Let's use these story problems to illustrate the new math at Neighborhood Housing Services!
3618 East 57th street was purchased for $51,900 from Slavic Village "Recovery". Conventional math would dictate that a downpayment of $1557 would be required of PURCHASER'S OWN FUNDS! Instead zero $$$$ came from the purchaser. And let's go for the most generous MAXIMUM assistance allowed from NEIGHBORHOOD HOUSING SERVICES which would be 17% of the purchase price OR a maximum of $10,000. $8823 is 17% of $51,900 and LESS than $10,000. BUT Neighborhood Housing Services generously kicked in $15,000 of YOUR tax $$$$$ instead which is a big fat 29% of the purchase price and a great big $6177 more than the maximum NHS allows. Wow!
3651 East 54th was purchased for $63,900 also from Slavic Village "Recovery". And old fashioned mean spirited math would require a downpayment of 3% from the PURCHASER'S OWN FUNDS of $1917. The purchaser didn't have no money so guess who saved the day? For Slavic Village "Recovery"?? That's right! The good neighbors at Neighborhood Housing Services! Their own maximum in "assistance" would be 17% of $63,900 or $10,863 which SHOULD be $10,000 which IS less than that. But not wanting to seem petty NHS kicked in $15,000 of your tax $$$$$, 24% of the purchase price and $5000 more than the maximum NHS allows. A pretty sweet deal.
And our final math problem today (for NHS who has NO problems at all throwing our money down the drain) is the property at 3679 East 54th. It was purchased for $59,900. The downpayment of 3% or $1797 from the purchaser's funds was once again not available. Actually zero dollars was available. But Slavic Village needs to perpetuate this fraud so who did they turn to? The "bank" at 5700 Broadway. NOT THIRD FEDERAL who has actual lending standards and is NOT involved in any of this Slavic Village "Recovery" Fraud. The good buddies at Neighborhood Housing Services stepped in and delivered $15,000, not $10,183 which is 17% of the purchase price nor $10,000 which is their own maximum. 25% of the purchaser price. Neighborhood Housing Services at 5700 Broadway in the heart of Slavic Village, just paying it forward on our dime
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