Lakewood Launches Rental Restoration Program

LAKEWOOD, OH — Interior improvements for rental properties in Lakewood could qualify for a newly launched Rental Restoration Program offered by the city.

The program will be open to properties housing low- to moderate-income tenants. Landlords can get 0-percent financing and partial loan forgiveness, up to $14,000 per unit, to make improvements to their properties.

“The Rental Restoration Program is one example of Lakewood’s ongoing commitment to offer high quality, affordable housing options throughout our community,” said Mary E. Leigh, program manager. “We are eager to work with landlords to make improvements that will not only add value to their properties but also enhance the quality of life for their tenants.”

Qualifying improvements could include kitchens, bathrooms, painting, windows, flooring, electrical and plumbing. Common-area improvements in multi-family units could also qualify.

Landlords that take part in the program must agree to a five-year commitment to affordability, as defined by Housing & Urban Development's Fair Market Rents.