To help individuals living with disabilities realize the American Dream of home ownership, the CLEFUND will help qualifying home seekers with down payment assistance. Qualifying individuals will receive up to $30,000 for their down payment.
Recipients of the CLEFUND assistance must occupy the property for 10 years following the close of escrow for the total amount to be forgiven. If the recipient moves before the 10 year period, the amount of assistance will be prorated on an annual basis. The recipient will be credited for the amount of years they occupied the property and will be responsible for reimbursing the CLEFUND for the remaining years from the proceeds of the sale.
This will be accomplished by filing a second mortgage when the home is purchased. The recipient will not be required to make payments to the CLEFUND and will only be responsible to reimburse the CLEFUND if they sell the property within the first 10 years. There is no repayment required as the purpose of the CLEFUND is in the letter "E" which stands for equity. The equity is the cost of assistance to make an accessible home equal in cost to a non-accessible home.
To understand how the CLEFUND makes a difference in lives of disabled individuals, see this news article about how the CLEFUND assisted one local man, Brian McCormick, in acquiring his accesible home!