It’s Official – Maple Heights Has an Escrow Waiver
On July 6, 2016, ACAR representatives including Past President John Lynch, volunteer Jason Hilliard, and Government Affairs Director Jamie McMillen attended a Maple Heights City Council meeting to speak in support of the proposed escrow waiver ordinance, 2016-47.
After hearing from citizens and the ACAR representatives, council members voted on the housing ordinance. With a 5 – 1 – 1 vote, the measure passed in its third reading.
The ordinance created the “Owner Occupied Homeowner Incentive Program,” which includes the escrow waiver. This is a great first step towards making homeownership more achievable in Maple Heights.
What you need to know:
- The ordinance creates a 6 – month waiver on the 100% escrow requirement tied to the point of sale policy.
- The waiver applies only to homes purchased by an owner-occupant between July 1, 2016 and January 1, 2017.
- The buyer must be an owner-occupant and sign an affidavit that s/he will reside in the home for a minimum of 2 years.
Maple Heights Council Considering Escrow Waiver (6.24.2016)