FY2020 CDBG Funding Request Property Revitalization Program - PowerPoint PPT Presentation

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

Division of Community Development FY2020 CAC Presentation Program Summary 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

Division of Community Development FY2020 CAC Presentation FY2019 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

Property Revitalization Program FY2020 CAC Presentation 1477 Lauderdale Acquisition & Rehab

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

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

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

Repair Accessibility Maintenance Program FY2020 CAC Presentation Home Improvement Rebate Program 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 or 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

Home Improvement Rebate Program FY2020 CAC Presentation Exterior paint and railings Corrected to meet historic requirements

Division of Community Development FY2020 CAC Presentation FY2018 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

HOME Activity Delivery FY2020 CAC Presentation HOME Program 2019 YTD 2018 2017 2016 5 2 4 9 Homes Purchased $46,940 $28,000 $44,000 $100,175 Downpayment Assistance $579,400 $293,000 $483,300 $947,000 Total Sales $115,880 $146,500 $120,825 $105,222 Avg. Sales Value www.onelakewood.com/firsthome

HOME Activity Delivery FY2020 CAC Presentation Market Trends – Home Values Source: Zillow

HOME Activity Delivery FY2020 CAC Presentation HOME New Construction planned at 12311 Plover

Home Activity Delivery FY2020 CAC Presentation HOME new construction planned at 17450 Shaw

Affordable Housing Strategy FY2020 CAC Presentation

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

2019 Anticipated Accomplishments FY2020 CAC Presentation

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