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Rental Restoration Loans | Lakewood City Of - Department Of Planning And Development

12650 Detroit Ave., Lakewood City Hall, Lakewood, OH 44107

Eligibility

Open to owners of single, double, or triple rental homes in Lakewood where improvements or repairs need to be made. The gross household incomes of 50% or more of the tenants must meet certain income requirements. Rents to current tenants must remain the same for at least 2 years.

Required documents

Previous year's tax returns and W-2 recent pay stub if employed verification of monthly retirement allowance(s) verification of interest and dividends verification of mortgage balance and monthly payments month and year home was purchased and purchase price recent tax appraisal value birth date and social security number of spouse if any any outstanding liabilities of applicant (credit cards, etc.). Also tenants' names, number of family members, and estimate of their incomes.

Hours

M-F: 8:00am-5:00pm
(216) 529-4663

Voice - voice | (529-HOME)

https://www.lakewoodoh.gov/planning-and-development
[email protected]

Application process

Call M-F: 8:00am-5:00pm for application information. Then the property must be inspected, and bids obtained by applicant from registered contractors. The bids will be submitted to complete the application.

Fees

There is a mandatory whole house inspection fee, refundable when the project is completed.

Service area

Lakewood, Ohio

Description

Provides 0% interest loans (with partial loan forgiveness) to improve the value of Lakewood rental properties or to add or to improve wheelchair accessibility in the home (such as install a ramp or add an ADA bathroom). Loans can be used for any potential housing safety violations or general property improvements. After receiving funding, landlord must agree to a 5 year commitment to provide affordable housing. The maximum loan is $14,000 per unit; it is secured by a lien on the property. Terms are available up to 10 years.

Data provided by

211 Cleveland

Providing organization

Lakewood City Of - Department Of Planning And Development

Coordinates activities designed to retain existing businesses and attract new businesses to the city.