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 Plover HOME Rehab - Before 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

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

Nine projects completed since 2014 Average energy savings: Annual - $1,800 Monthly - $ – 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 1 st 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 & Resale 2126 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.