FY2020 CDBG Funding Request Property Revitalization Program - - PowerPoint PPT Presentation

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Division of Community Development FY2020 CAC Presentation FY2020 CDBG Funding Request Property Revitalization Program $100,000 Home Improvement Grant $50,000 HOME Activity Delivery $20,000 City of Lakewood Division of Community Development

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Division of Community Development FY2020 CAC Presentation Property Revitalization Program $100,000 Home Improvement Grant $50,000 HOME Activity Delivery $20,000

FY2020 CDBG Funding Request

City of Lakewood Division of Community Development

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Division of Community Development FY2020 CAC Presentation Property Revitalization – Preserving affordable housing through the acquisition and rehab of vacant, abandoned and formerly foreclosed residential homes Home Improvement Grant Program – A rebate is provided for home improvements that bring the exterior of the property into compliance with the Division of Housing and Building. HOME Activity Delivery – Funds pay for administrative costs not covered by the HOME Program

Program Summary

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Division of Community Development FY2020 CAC Presentation Property Revitalization Program $100,000 Home Improvement Grant $50,000 HOME Activity Delivery $20,000

FY2019 CDBG Funding Request

City of Lakewood Division of Community Development

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Property Revitalization Program FY2020 CAC Presentation 1477 Lauderdale Acquisition & Rehab

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Property Revitalization Program FY2020 CAC Presentation 1612 Orchard Grove Acquisition & Rehab

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Property Revitalization Program FY2020 CAC Presentation 1612 Orchard Grove Acquisition & Rehab

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Division of Community Development FY2020 CAC Presentation Property Revitalization Program $100,000 Home Improvement Rebate Program $50,000 HOME Activity Delivery $20,000

FY2020 CDBG Funding Request

City of Lakewood Division of Community Development

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Home Improvement Rebate Program

Repair Accessibility Maintenance Program FY2020 CAC Presentation

Eligibility Requirements

Owner occupied 1, 2 and 3 family homes
Income restrictions
Homeowner must finance repairs

Project eligibility

Exterior repairs to bring the home into code compliance
Eligible repairs include garages, windows, exterior painting, driveway repair
r replacement, porch repair or replacement, landscaping
Homeowner must submit invoices, canceled checks and credit card

statements

Contractors must register and pull permits

Assistance levels

50% of the cost of eligible improvements up to $10,000

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Home Improvement Rebate Program FY2020 CAC Presentation

Exterior paint and railings Corrected to meet historic requirements

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Division of Community Development FY2020 CAC Presentation Property Revitalization Program $100,000 Home Improvement Grant $50,000 HOME Activity Delivery $20,000

FY2018 CDBG Funding Request

City of Lakewood Division of Community Development

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HOME Activity Delivery FY2020 CAC Presentation

www.onelakewood.com/firsthome

HOME Program 2019 YTD 2018 2017 2016

Homes Purchased 5 2 4 9 Downpayment Assistance $46,940 $28,000 $44,000 $100,175 Total Sales $579,400 $293,000 $483,300 $947,000

Avg. Sales Value

$115,880 $146,500 $120,825 $105,222

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HOME Activity Delivery FY2020 CAC Presentation

Market Trends – Home Values

Source: Zillow

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HOME Activity Delivery FY2020 CAC Presentation

HOME New Construction planned at 12311 Plover

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Home Activity Delivery FY2020 CAC Presentation

HOME new construction planned at 17450 Shaw

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Affordable Housing Strategy FY2020 CAC Presentation

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Affordable Housing Strategy ‐ Action Step 1 FY2020 CAC Presentation Rental Restoration Program – HOME funded

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2019 Anticipated Accomplishments FY2020 CAC Presentation

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Division of Community Development FY2020 CAC Presentation Property Revitalization Program $100,000 Home Improvement Rebate Program $50,000 HOME Activity Delivery $20,000