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

( categories: )

Beneficiaries of NEW Math in Slavic Vilage

 

The National Fair Housing Alliance has filed a major complaint against Safeguard Properties - a company created by Robert Klein out of Cleveland OH.  You would think Neighborhood Housing Services - a beneficiary of significant federal monies - would watch their step.  Who is protecting the players in this scam??

http://www.nationalfairhousing.org/Portals/33/2014-05-14_Safeguard_PowerPoint.PDF

http://www.cleveland.com/business/index.ssf/2013/03/forest_city_safeguard_properti.html

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~`

How it is done - http://www.detroitnews.com/story/news/local/wayne-county/2014/10/29/developer-won-detroit-property-auction-outstanding-liens/18117195/

over and over - the FLIP machine....

 

Greener pastures

Maybe Mike Dewine would be interested. The 2IC at NHS has left for "greener pastures". Maybe he saw something coming....

2IC =Second in Command

Math in the flip scenario........ greener pastures.

I mean; individuals had to accept those gifts, right?

 

3618 East 57th is only valued at $28,100.00 according to DLN.

https://www.dln.com/realestatetransfers/index/page/1793

January 21, 2014

3618 E 57 ST
CLEVELAND, OH 44105

Grantor: SLAVIC VILLAGE RECOVERY LLC

Grantee: LINGL BEVERLY A

Real Estate Values Label Value
Land $5,300.00
Property $22,800.00
Total $28,100.00
 

 

 

---------------------------------------------------

 

Then there was SV's other FLIP----that they got for nothing in July 2013 and sold in December for $63,900 to Lashunda Jeffrey. Interesting how these CDC's can make all kinds of money like this....Wouldn't that mean that they simply got a federal grant for the buyer to pay them? Or something along that line? I am just curious? Is that like conflict of interest to be the umbrella agency deciding which funds get used where (down payments) plus them getting the benefit of those funds back in their pockets? I mean; is that what I am to understand here? So, the buyer got a 2nd mortgage via NHS for that $15,000 which they are responsible to pay back over 5 years? Isn't that a loan then?

$51,120 First Mortgage with HNB

$15,000 2nd mortgage with  SVD

===================

 $66,120.00 in loans paid for house with purchase price of 63,900... yep, NONE of the math adds up. SMH...and the county valuation was $45,600?

-$63.900.00 due

=============================

$2,220.00 above purchase price must have went somewhere?  Were the closing closing costs wrapped into the loan in order to buy the house? 

 

IDK. Just thinking out loud.

 

 

At this point....seems moot. They are a CDC and it's okay for them to scam the public, steer funds, and do whatever they want with all that funding....and business stuff..... I mean; they can get a house donated, rehab it with all tax deductible expenses, flip it (RESELL IT) and keep all the profits without paying taxes on it---but if a for profit real estate investor did this--they are ostericized. SMH.

You can do the percentagees....the entire equation is questionable.........for ALL CDC's business.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Always Appreciative, "ANGELnWard14"