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Division of Community Development FY2016 CAC Presentation
Low Interest Loan Program $100,000
Repair, Accessibility, Maintenance Program (RAMP) $100,000
Weatherization $70,000
FY2016 CDBG Funding Requests
Investing in Lakewood’s Housing Stock
Division of Community Development FY2016 CAC Presentation
12217 Plover HOME Rehab - Before
12217 Plover HOME Rehab - After
Strategy for Identifying Community Need
Adjust Programming to Economic Conditions
• Foreclosure rates• Property values• Unemployment • Housing condition
Adjust Programming to Individual Homeowner Financial Circumstances
• Bankruptcy• Job loss• Under-employment• Illness• Disability• Retirement
Division of Community Development FY2016 CAC Presentation
Incorporate Energy Efficiency & Sustainable Building Practices
Application
Inspection
Loan Approval
Pre-Construction Meeting
Construction
Low Interest Loan Program FY2016 CAC Presentation
- 0% Deferred Loans for low income seniors & disabled homeowners- 3% Financing for moderate income- 5% Financing for rental homes with low and moderate income tenants
Low Interest Loan Program FY2016 CAC Presentation
Lakewood’s Low Interest Loan Fund has Contracted by 28% Since 2010
• Paid in full loans have outpaced new loan set ups
• Loans are generally smaller and focus on basic repairs(roof, paint, porches)
• Market conditions including foreclosure, loss of equity, and job loss significantly reduced the pool of eligible borrowers
• Deferred loans comprise an ever-larger % of total portfolio
• Grant programs like RAMP are being utilized to bridge the financial gap for “underwater” homeowners
• Targeted mailings
• Coordination with the Building Department
• Application management & data collection through WEBQA
• Increased accountability placed on contractors to meet City & Federal requirements• Contractor Registration with Building Department• Permits• Proper licensure
• Credit counseling tied to credit scores below 600
• Home Improvement Grant funded as a stand alone program - $50,000 moved from Property Revitalization
Low Interest Loan Program FY2016 CAC Presentation
• Eligibility Requirements• Owner occupied 1, 2 & 3 family homes• Income restrictions
• Homeowner completes exterior repairs
• Exterior compliance inspection by Code Compliance Specialist (CCS)
• 50% up to $10,000 available – grant funding
Home Improvement Rebate FY2016 CAC Presentation
Completed Projects Year Rebates ($)
Homeowner Out-of-Pocket
5 2014 $17,601 $47,5994 2015 $6,799 $13,598
Repair, Accessibility, Maintenance Program (RAMP) FY2016 CAC Presentation
• Exterior maintenance
• Low & moderate income owner occupants
• Limited assets and home equity (<$25,000)
• Grants for projects less than $5,000
• Forgivable loans for projects between $5,000 & $15,000
• Must occupy home for 5 years or repay funds
• Rental properties – eligible for accessibility improvements only
• Match for Lead Safe Cuyahoga Grant Program
FY2016 CAC Presentation
Source: Cuyahoga County Common Pleas Court Docket
Market Conditions – 44,107 Foreclosure Filings
Repair, Accessibility, Maintenance Program (RAMP) FY2016 CAC Presentation
• 2-family Colonial• Built in 1905• Vinyl Siding
Repair, Accessibility Maintenance Program FY2016 CAC Presentation
Planning for the future with sustainable construction practices……
Weatherization FY2016 CAC Presentation
• Bridge gap for homeowners not eligible for County program
• Energy audits used to identify repairs with highest rate of return• Insulation• Sealing windows and doors• High efficiency furnace
• Maximum assistance - $5,000 grant
• Reduces energy consumption and costs
• Meet’s HUD’s 2014 – 2018 Strategic plan goals• Reduce energy consumption by half by 2030• Green & healthy homes
Weatherization FY2016 CAC Presentation
Weatherization FY2016 CAC Presentation
Nine projects completed since 2014
Average energy savings:• Annual - $1,800• Monthly - $150
50 – 60 % reduction in energy use
Average ROI – 5 years
Most projects fall between $5,000 and $10,000
Air sealing, insulation net greater savings than new windows
Program Results
HOME Program FY2016 CAC Presentation
1st Time Homebuyer Program• Online homebuyer seminar & quiz• Low and moderate income buyers• Condos, one and two family homes• Down payment and closing cost
assistance• Single family homes up to $128,000• 2-family homes up to $148,000
HOME Program FY2016 CAC Presentation
Market Trends – Home Values
Source: Zillow
HOME Program FY2016 CAC Presentation
Acquisition, Rehab & Resale2126 Quail - SOLD
2126 Quail transfer history:• $132,640 – 2008 Foreclosure• $36,950 – Fannie Mae to private buyer• $56,850 – Transferred to City of Lakewood• $90,000 – 2015 Post rehab sale to low/mod buyer
HOME Program FY2016 CAC Presentation
2147 Dowd Rehab
• Formerly 4 suite rental• Foreclosed upon in 2013• Energy efficiency
• Insulation• Rain barrels• Solar panels
• Spring, 2016 sale to low-mod household.