Using special federal and other housing funds, the City of Lakewood administers a zero-interest, deferred-payment loan program. The City Council recently approved an increase of the loan amount from $18,000 to up to $35,000 for low-income residents to repair and rehabilitate their homes.
To qualify, your home must be a single-family, owner-occupied dwelling in Lakewood. The family must meet the income limits set by the federal government, which are $77,700 for a resident living alone, and $110,950 for a household of four. (Income limits adjust based on household size.) Other restrictions apply.
The loan is interest-free and payment is deferred, meaning it only needs to be paid back when the house is sold or refinanced, equity is extracted from the home value or the title is transferred.
For more information on the type of improvements covered by the program and how to qualify, call City Hall at 562-866-9771, ext. 2320.