Department of Planning and Development
Grow Lakewood Housing Fund
Eligible Applicant
Generally, any residential owner of a duplex in Lakewood. Other housing types may be considered.
Amount of Financial Assistance
- The maximum amount is $50,000.
- Assistance provided as debt financing during construction for the conversion of a duplex into a single family home. Priority will be given to duplexes located on a mostly (60% or more) single family street.
Eligible Use of Proceeds
- Any construction costs associated with the conversion of a duplex (or other appropriate housing type) into a single family home.
- Architectural, engineering and other professional services related to the project.
Ineligible Use of Proceeds
- Incorporation and organization expense
- Loan packaging fees
- Finder's fee for financing
- Commitment fees on a mortgage
- Application fees
- Origination fees
- Refinancing costs or for refinancing
Term of the Loan and Rate of Interest
Determined by the needs of the project. Outstanding principal balance will always be due and payable upon sale of the property. However, loans will generally defer principal and interest for eighteen months from first draw. Entering the nineteenth month, the loan will run an additional 120 months with payments of principal and interest (3%) until the loan balance is retired. The City shall have the right to forgive a portion of the mortgage but not to exceed 25% of the overall principal balance.
Loan Fees
City will charge a $250 application fees. Proceeds will be used toward Economic Training Programs.
Other Evaluation Criteria
- Proposed development or redevelopment plan must be consistent with the long‑term objectives of the Lakewood Community Vision
- Project feasibility and the ability for the City to recoup its investment.