On Tuesday, July 17, 2007, from 3 – 7 p.m., the Summit County Department of Community and Economic Development will be holding a Housing Rehabilitation Loan Application Workshop at the Lakemore Village Town Hall, located at 1400 Main Street in Lakemore.  The public is welcome. 

The Summit County Housing Rehabilitation Program, specially designed for the Lakemore Community Investment Area, provides low interest/ no interest loans to eligible homeowners in order to maintain decent, safe and sanitary conditions. 

Eligible rehabilitation activities are geared toward bringing each home up to code, making health and safety improvements and the removal/prevention of blight.  Eligible repairs include improvements to: electrical systems and fixtures, gutters, heating systems, hot water tanks, leaking roofs, plumbing, septic systems, sewer/water tie-ins, reduction and/or abatement of lead-based paint hazards, replacement of doors/windows and water wells.  Eligible repairs also include activities to make a home handicap accessible, such as: kitchen & bathroom repairs and ramps. 

The Summit County Housing Rehabilitation Program offers the following two types of loans:

• 0% Deferred Loan: a loan with no interest accruing or monthly payments.  The loan principal is due and payable upon the sale or transfer of the property, or when the recipient no longer occupies the home as their principal residence. (To be eligible for this loan, the household
  income cannot exceed 80% of the Area Median Income if combined with a direct 4% loan.
  Otherwise, the maximum income cannot exceed 50% of the Area Median Income).

• 4% Direct Loan: This loan requires monthly payments over a loan term of up to 20 years. To be eligible for this loan, the household income cannot exceed 80% of the Area Median Income.

In order to qualify for a 4% loan through the County of Summit Housing Rehabilitation Program, applicants must have the following qualifications:

• Be living at or below 80 percent of the area median income (AMI);

• Be the owner-occupant at the time of approval;

• Be current on property taxes and/or on a payment plan;

• Sufficient credit history, current on all accounts, without bankruptcies or foreclosures within two (2) years, and no civil judgments or liens;

• Proof of current property insurance, and flood insurance if in a designated flood plain;

• Equity sufficient to secure mortgage for full cost of housing rehabilitation;

• Have not received assistance through the Summit County Housing Rehabilitation program within the past five years; and

• The qualifications for a 0 percent deferred loan are the same but for the credit history and currency of payments

For more information, contact the Summit County Department of Community and Economic Development at 330-643-2568, or click on www.co.summit.oh.us .