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.

Read the ordinance  View the affidavit

Related articles:

Maple Heights Council Considering Escrow Waiver (6.24.2016)

Point of Sale Inspection Discussed in Maple Heights (3.1.2016)

Maple Heights Point of Sale Inspection Draws National Attention (1.22.2015)

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4 responses to “It’s Official – Maple Heights Has an Escrow Waiver

  1. CECE FOX says:

    Who determines how much the pos escrow amount is?

    • ACAR says:

      According to the City’s Point of Sale packet (available online), the escrow amount is 100% of the estimated cost of repairs. A written estimate of the total cost must be submitted from a contractor registered to perform work in the City of Maple Heights. For additional information, visit the City’s website, http://www.citymapleheights.com/. Thank you.

  2. L. Barrett says:

    Perhaps this ordinance can assist buyers in the Bedford area. Bedford requires a 150% escrow for home repairs. That leaves most first time buyers who are going to occupy the house unable to finalize the transaction because they cannot afford to put large amounts of money on hold for repairs.

    • ACAR says:

      Thank you for your comment. Our Legislative Committee is monitoring progress in Maple Heights, and will work the City for an extension later this year. We are hopeful that this program, along with the escrow waiver in Garfield Heights, will encourage other city councils to consider following suit. Currently, the city of Bedford has a temporary freeze on point of sale inspections due to pending litigation. You can learn more about the temporary freeze here: Bedford Point of Sale Freeze

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