RENTAL RESTORATION LOANS | LAKEWOOD CITY OF - DEPARTMENT OF PLANNING AND DEVELOPMENT
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
Physical Address
12650 Detroit Ave., Lakewood, OH 44107
Hours
M-F: 8:00am-5:00pm
Fax
(216) 529-5907
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.
Fee
There is a mandatory whole house inspection fee, refundable when the project is completed.
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.
Agency info
LAKEWOOD CITY OF - DEPARTMENT OF PLANNING AND DEVELOPMENT
Coordinates activities designed to retain existing businesses and attract new businesses to the city.