Lakewood Launches Rental Restoration ProgramApril 29, 2019
As a part of its commitment to maintaining a strong and affordable housing stock, the City of Lakewood is proud to announce the launch of the 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 like kitchens, bathrooms, painting, windows, flooring, electrical, and plumbing are eligible for the Rental Restoration Program. 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.
“The Rental Restoration Program is one example of Lakewood’s ongoing commitment to offer high quality, affordable housing options throughout our community,” said Mary E. Leigh, Program Manager. “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.”
Interested in learning more about how this program can help you improve your rental property in Lakewood? Contact Mary E. Leigh, Programs Manager in the Department of Planning and Development at 216-529-7681 or Mary.Leigh@lakewoodoh.net.
The Rental Restoration Program is one of many housing financial assistance programs offered by the Lakewood Department of Planning and Development. To learn more about how the City can assist you in making improvements to your home visit http://www.onelakewood.com/community-vision/housing/housing-financial-assistance-programs/.