Qualified Lakewood homeowners can get help from city hall to make their home more comfortable, safer, and more attractive. No-interest loans are available up to $18,000 to repaint exteriors, repair windows and doors, replace worn roofing material, and retrofit interiors for the needs of senior and disabled residents.

The no-interest loan program has eligibility requirements that are income and asset based. See the links in the right-hand box for additional information and application forms in easily printable PDF. NOTE: This program is funded by restricted housing funds and is only available to low and moderate income families.

Home improvement loan details

The Single Family Residential Rehabilitation Loan Program provides zero percent interest, deferred payment loans to seniors, handicapped and families of low and moderate income who own and occupy their homes and need financial assistance to make repairs and other minor improvements.

The maximum loan amount is $18,000.

The loan program is funded with a portion of the city's redevelopment agency revenue.

Who is eligible?

Any property owner who occupies a single-family residence located within the City of Lakewood that is in need of home improvements and who meets the program qualifications is eligible for this program.

What are the program qualifications?

Income eligibility for the Home Improvement Loan Program is based on both family size and total annual household income.

And: Less than $50,000 in assets

For example, a family of one would have to earn less than $46,400 annually; a family of two would have to earn less than $53,000 annually; a family of three would have to earn less than $59,650; a family of four would have to earn less than $66,250 annually in order to be eligible for the program.

Also, the family would have to have less than $50,000 in assets. An asset would include stocks, bonds, T-bills, checking account, savings account, retirement account, etc. An asset does not include the home, furnishings, or one automobile. Housing staff can provide you with the specific annual household-income limits for your family size. There must also be at least $18,000 of equity in the property after the $18,000 home improvement loan.

The total annual household income and assets of all persons identified on title to the property, plus all persons 18 years of age or older living in the home, will count toward establishing the program income and asset limits.

What are the terms of the loan?

This is a zero percent interest, deferred payment loan, up to a maximum of $18,000 per loan. Payment is not due and payable until the home is either sold, transferred in ownership, refinanced or there is a death of the owner(s) on title. Payment would then be due in one lump payment.

What loan fees are involved?

Loan fees are charged on specific services that are deducted directly from the loan. The City of Lakewood orders a title report and a credit report on the applicant(s) who are on the deed of trust. The fee for the title report is $100. The fee for the credit report varies, depending on the number of people on the deed. For example, the cost of a credit report for the head of household is $9.50, and every additional person listed on the deed would be an additional $9.50.

If the applicant does not use the full $18,000, a recording fee of $31 will be added to the balance of the loan for recording of a new lien.

What types of improvements are eligible?

Exterior and interior property improvements are eligible, including but not limited to roofing, driveways, fencing, house painting and re-stuccoing, window screens, doors, plumbing, electrical, fumigation, and carpeting. There are a few mandatory improvements that must be completed through the loan program, including but not limited to, fumigation, smoke detectors, security locks on all doors and windows, and attic insulation.

However, if any Building Code violations exist, they must be corrected before any other property improvements can be done.

Who will do the work?

All work must be completed by a licensed contractor, to be chosen by the homeowner, subject to City review and approval. The contractor must be state licensed and hold a current City of Lakewood business license. However, the owner can act as his or her own contractor and utilize the home improvement loan to pay for materials only.

NOTE: The contract is between you and the contractor. The City of Lakewood is not a party to the contract, nor is the City of Lakewood responsible for the performance of said contract by the contractor or for payment of the consideration by the owner. You select the contractor and the contractor’s bid. The City of Lakewood is only the lending institution providing the funds and insuring that the work the contractor bills for has actually been completed. It is very important that you read and understand the contract between you and the contractor. Be sure that the contract specifically states what work is to be performed by the contractor.