Cleveland Action to Support Housing Inc

“Federal form 990 was provided to the finance committee prior to filing”

“The executive director's salary is determined by the executive committee. The committee used various sources of information including by not limited to other organizations' form 990s, industry standard and the financial resources of the organization”

“Documents are made available upon written request.”

“Cleveland action to support housing was formed in 1978 by the city of cleveland and local banks and savings and loans. The purpose of the organization was and is to provide home repair or rehabilitation financing for city of cleveland property owners. Below market interest rates and technical assistance are incentives to borrowers. The lending partners, huntington national bank, key bank, dollar bank, firstmerit bank, third federal savings and loan assoc.,fifth third bank, first place bank, pnc and charter one, offer a variety of lending services through c.a.s.h. The type of lending services needed are for all types of repairs to an owner- occupied property, to loans for the purchase and refinance and repair of an investor owned property, and finally for a project to be completed by a local community development corporation. Additionally, emergency home repair loans are offered through the banks or with c.a.s.h. Financing. The below market interest rate is achieved through compensating balance deposits. A bank that agrees to use the funds will accept up to 50% of the loan amount as a deposit at 0% for a specific time frame. When the date is reached the bank returns the funds to c.a.s.h. And the funds may be used for another project. Technical assistance offered through c.a.s.h. Is designed to protect the bank's investment in the property and to ensure the property owner receives a quality repair or rehabilitation project. To protect the bank's investment the c.a.s.h. Staff does receive an application from the applicant, plus all pertinent financial documentation. A credit report is requested and any questions that might arise between the application and the credit report are addressed. The construction specialist does talk to the property owner regarding the work that is to be completed and does review the construction estimate at the property to ensure that it covers all necessary work. Once the loan is approved by a bank contracts are prepared to be signed by all parties. The contractor must provide c.a.s.h. With proof of insurance and its license to work in the city of cleveland. Also permits are required. When the funds are received from the lending institution, a proceed order is issued and the work can begin. When the contractor and the homeowner agree that a payment can be made the construction specialist does review the work completed. All three parties must approve the payment for the work. Documents are signed and a check is processed for payment. Escrow services are offered through c.a.s.h. Program. The bank making the loan to the property owner does send the funds to c.a.s.h. To be managed. This service does ensure that all funds do improve the property. C.a.s.h. Because it does control the funds does protect the propety owner from contrators and the contractor is sure they are going to be paid.”

“Initiatives in the city. The energy saver program was created to ensure that cleveland property owners no matter their income level could receive the following services: energy audit of the property report spelling out steps to be taken to increase energy savings report detailing cost of repairs and the savings if recommendations are followed. List of program qualifid contractors rebate up to 20% not to exceed 2,500 from the city of cleveland rebate from dominion - east ohio gas - upon completion of the work the program completed 315 property assessments and 145 homes were retrofitted. This resulted in 50 homeowners receiving financing through c.a.s.h. Dollar bank was the lender in all cases. A total investment amounted to 847,000 and property owners received rebates amounting to 294,000. It is hoped that the program will be continued in the city of cleveland and offered in the inter ring suburbs.”

“Professional fees 58,411 10,132 0”

“Effective april 30, 2014, c.a.s.h. Has merged its daily operations within neighborhood housing services of greater cleveland, inc. (nhs). During the 2013-2014 fiscal year, both c.a.s.h.'s and nhs's board of directors completed a due diligence process in financial, governance, and programming. In april 2014, both cash's and nhs's board of directors approved a merger of the two organizations, which will result in a dissolution of c.a.s.h. And p.r.i.m.e. Effective april 30, 2014.”