March 10, 2008

The Commercial & Savings Bank Announces Home Ownership
Grants Up To $5,000 Through the Federal Home Loan Bank

The Commercial & Savings Bank (CSB), through its membership with the Federal Home Loan Bank of Cincinnati, is pleased to announce their involvement with the Welcome Home program. The Welcome Home program provides down payment and closing costs assistance, up to $5,000 per home, through a grant to low- and moderate-income homebuyers.

Welcome Home funds are used to assist households whose incomes are at or below 80% of the Mortgage Revenue Bond (MRB) program income limits, as adopted by the State of Ohio’s housing finance agency. For Holmes, Tuscarawas & Wayne Counties, the maximum income limits are $46,360 for one to two person households and $53,314 for households of three or more.

“The Welcome Home grants provide a great service to families that would like to become homeowners,” stated Rick Ginther, President & CEO of CSB. “We are pleased to be able to help customers with the application process and encourage anyone interested in applying to contact us as quickly as possible as there is a limited amount of funds available. Once the funds are spoken for, the program ends for the year.”

Some requirements of the program include:
• Homebuyers must contribute at last $500 of their own funds toward the down payment and closing costs. This requirement is waived if the homebuyer is disabled.
• First time homebuyers are required to complete a homebuyer-counseling program.
• Homebuyers must qualify for a first mortgage based on their current household income and cannot rely on others as co-signers.
• Manufactured housing is eligible but the house must be permanently attached to a fixed foundation and the home and the lot must be taxable together as real property.
• There is a five-year retention period. If the house is refinanced or sold during the five-year period, all or a portion of the grant funds may have to be returned.

CSB will assist any applicant in submitting their application for this grant. Applications are available by contacting Linda Amos of CSB at 330-674-9015 or 1-800-654-9015.