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Lakewood Times

Lakewood Times

Lakewood Times

    Rental Restoration Program in Lakewood

    Rental Restoration Program in Lakewood

    The City of Lakewood has announced to launch a Rental Restoration Program. The Rental Restoration Program offers landlords in Lakewood 0% interest financing and partial loan forgiveness, up to $14,000 per unit, to make improvements to their rental properties.

    Interior improvements will include kitchens, bathrooms, painting, windows, flooring, electrical, and plumbing. Common area improvements in multi-family units, such as hallways, entrances, and roofs, are also eligible.

    To qualify for the Rental Restoration Program, tenants must qualify as low to moderate income. Upon receiving funding, landlords must agree to a five-year commitment to affordability. Affordability is defined in the Rental Restoration Program as offering Housing & Urban Development Fair Market Rents.

    Mary E. Leigh, Program Manager, said, “We are eager to work with landlords to make improvements that will not only add value to their properties but also enhance the quality of life for their tenants.”

    If you are interested in learning more about the program contact Mary E. Leigh, Programs Manager in the Department of Planning and Development at 216-529-7681 or [email protected].

    Some of the other programs the Department of Planning and Development has to offer are described briefly below.

    Home Improvement Loans

    • Owner occupied
    • Low/moderate income requirements
    • Secured by a lien on the property
    • Repayment Options:
    • 3% loan – $25,000 maximum; repayment terms based on credit history and income; may not exceed 240 months.
    • 0% Deferred Payment Loan – Applicants must be 65+ or permanently disabled; payment in full is due when property is no longer owner occupied.
    • Emergency Loans – for single item repairs.

    Rental Restoration Loans

    • Rental properties 1 or more units
    • Low/moderate income requirements for tenants
    • 0% interest; partial forgiveness, up to $14,000 per unit
    • 120 months maximum loan
    • Eligible interior improvements – kitchens, bathrooms, painting, windows, flooring, electrical and plumbing
    • Common area improvements eligible; costs must be proportional to units assisted with federal funds
    • 5 year affordability period; Fair Market Rents required

    Home Improvement Rebates

    • Owner occupied
    • Low/moderate income requirements
    • Must bring exterior into exterior compliance with Division of Building and Housing
    • Rebates available for qualified exterior & interior improvements
    • 50% up to $10,000 for eligible repairs including but not limited to roofs, exterior painting, porch repairs, concrete, masonry repairs, or
    • Up to $5,000 for repairs to sewer line connections, dye test required

    Weatherization Grants

    • Owner occupied
    • Low/moderate income requirements
    • Free energy audit
    • Up to $5,000 grant assistance for approved improvements.
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