Department of Planning and Development

Lakewood Mixed Use Residential Assistance Program Program (MURAL)

The Mixed Use Rental Assistance Loan Program will provide funds for repairs and renovations in apartments located over street-level retail stores along Detroit and Madison Avenue

Funds for Apartment Renovations

• Up to $15,000 per unit not to exceed 70% of the redevelopment costs excluding any storefront funds. (Maximum per project is $75,000 or five units.)
• A major upgrade and improvement of the property is an expected outcome.
• Project must also complete the Storefront Renovation Program

Requirements

• Renovations must be approved in advance and inspected before payment when work is complete
• Funds will be paid directly to contractor for completed and inspected work items only.
• All assisted units must be occupied by income eligible households as outlined below:

  Household Size	Household Income Limit
  1	$34,350
  2	$39,300
  3	$44,200
  4	$49,100

• Rents must be at rates at or lower than the rents listed below:

  Number of Bedrooms	Monthly Rent
  Efficiency	$502
  1 Bedroom	$583
  2 Bedroom	$702
  3 Bedroom	$900

Please note the above may change and that standard utility allowance for tenant paid gas, electric, water and/or sewer bills must be deducted from the rents above.

Repayment Terms

Loan payments and interest will be deferred for 5 years and half of the loan principal will be forgiven after five years if household income and rent limits are met for that time period.