1. The Owner Occupied Repair Loan Program.       (TEMPORARILY CLOSED UNTIL FURTHER NOTICE)

The Owner Occupied Housing Repair Loan Program to assist income eligible households in Lorain with repairs and improvements to their primary residences. Focus: Address property maintenance code items, health and safety concerns, incipient property code items and general property improvements/repairs
This program is funded through the Department of Housing and Urban Development HOME Program and typically assists 15-20 households per year.
Terms: Loans up to $25,000 with 50% forgivable over 5-year period, NEW low 3% interest rate, 20-year term.

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. These rehab loans are designed to assist with improvements to the rental housing stock Focus property maintenance code issues, health and safety concerns, and general housing repairs.
Loans require a 50% match from the property owner and are limited to a maximum of $8,500 based upon the number of bedrooms in the home.
Terms: $8,500 maximum loan per unit, 10-year term, 5 ½ % interest rate

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