1. The Owner Occupied Repair Loan Program - - - TEMPORARILY CLOSED
The Owner Occupied Housing Repair Loan Program assists income eligible households in Lorain with repairs and improvements to their primary residence.
2. The Rental Rehab Housing Program - - - CLOSED
The Rental Rehab Loan Program assists investment property owners with repairs and renovations on rental properties in the City of Lorain.
3. Emergency Loan Program.
This Emergency Loan Program is designed to assist income-eligible households to make critical repairs to their primary residence only that otherwise may see them displaced from their homes.
This includes the following Emergency Home Repairs:
1. Electrical system 6. Plumbing system
2. Roofing 7. HVAC
3. Water Lines 8. Sewer Lines
4. Gas Lines 9. Water Tank
5. ADA Accessibility (i.e. Ramps, Grab Bars, Toilets, Doors)
1. Limited to owner-occupied households at or below 80% of Area Median Income as established by the Department of Housing and Urban Development (HUD) for the City of Lorain.
2. Households must be in the City of Lorain.
3. Households are limited to one (1) time participation only.
Emergency Home Repair Program Loan Terms:
• $3,000 max loan, 0% forgivable loan, 3 year term
• Lien forgiven 1/3 annually over 3 years when it becomes a full grant
• No-payments due during 3-year term unless the property is sold or transferred at which time the balance is due and payable to the City of Lorain.
• Availability is on a first come, first served basis
• Participation And Approval Is Subject To The Availability Of Funds In The Emergency Home Repair Program
4. The Neighborhood Stabilization Program Housing Acquisition, Rehab, Resale Program.
The Neighborhood Stabilization Program Housing Acquisition, Rehab, Resale Program acquires foreclosed homes that are renovated then sold to income eligible households in Lorain
Focus: Acquisition and renovation of foreclosed vacant, abandoned single-family houses in decent neighborhoods around Lorain. Once renovated, these houses will become quality affordable housing for income eligible homebuyers which; will stabilize the neighborhood.
Investment $46,000 to $102,000
Sales Price Range: $40,000 to $99,000
a. Very Low-Income Households (up to 50% of HUD’s Area Median Income), or
b. Low-to Moderate-Income Households & Middle Income Households (up to 120% of HUD’s Area Median Income)
5. City’s Infill Housing Program
The Infill Housing Development Program assist income eligible households purchase newly constructed homes in Lorain.
Focus: These homes are built on previously vacant, blighted parcels purchased by the City throughout Lorain. Architectural designs are selected to blend in with the existing housing stock.
Features: Vinyl siding, energy-efficient windows, high efficiency furnaces, low-flow plumbing fixtures, 2-car garages and home warranties. To date the City has built and sold 30 homes since the program’s inception.
Very Low-Income or Low-to Moderate-Income Households (up to 80% of HUD’s Area Median Income)
6. City’s Non Profit Housing Program
The City of Lorain continues to provide funding and technical assistance to Community Development Corporations and Community Housing Development Organizations (CHDOs) operating in the City to support their neighborhood revitalization efforts. These organizations are certified thru the state and/or locally to specifically provide housing development activities including
1. Development of new affordable housing for homebuyers
2. Acquisition and rehabilitation of existing housing for homebuyers.
3. Development of quality affordable rental housing
All housing is made available as quality affordable housing to income eligible households once completed. There are five (5) CHDOs and another six (6) non-profit housing providers operating in Lorain.