The City of Lakewood has three programs to help low-income and moderate income homeowners repair and maintain their homes here within the City of Lakewood: Minor Home Repair, Major Home Repair and Housing Rehabilitation. The City also has a down payment assistance program available to help buyers purchase a home in Lakewood. Each of these programs has funds immediately available to qualifying homeowners.
Some general info on the programs:
‚Ä¢ Emergency Minor Home Repair- This program is a grant program to qualifying homeowners that have emergency repairs that need to be completed at their residence. To be considered an emergency it must either be a threat to the occupant‚Äôs health or safety or to the structural integrity of the residence.
‚Ä¢ Major Home Repair- This program is an equity loan program to qualified homeowners that have repairs that may not qualify as “emergency” repairs. The loan may be up to $12,000 with 0% interest and loan payments deferred for up to 20 years.
‚Ä¢ Housing Rehabilitation- This program is also an equity loan program to qualified homeowners that have repairs that may not be able to be completed with the Emergency Repair program or the Major Home Repair program due to work or funding requirements. The loan may be up to $65,000 (up to $75,000 for ADA improvements) with 0% interest and loan payments deferred for up to 20 years.
‚Ä¢ Down Payment Assistance- This program will provide a loan of up to $7,000 to qualified borrowers to help with down payment and closing costs in buying a home in Lakewood. The interest rate on the loan is 0% and loan payments are deferred for up to 20 years.
All programs require the residence to be owner-occupied single family residences, the owner must certify that it is their primary residence, and the residence must be located within the city limits. Priority is given to repairs that are urgent (addressing emergency health and safety issues) and to persons with disabilities.
For more information about these programs contact Jeff Gumm or Pat Chubb at (253) 589-2489.Print This Post