Photo courtesy of Aerial Agents
Initiative Will Help Credit-Challenged Families Secure Home Repair Loans
LakewoodAlive, a community-centered nonprofit organization, announces the launch of the Lakewood Pride Fund. This innovative program will leverage a collection of funds to secure home repair loans for Lakewood families who otherwise might not have access to conventional bank financing, helping families complete health & code compliance repairs. This program will not only help to keep a home in good repair, but it will also with each on-time payment improve the client’s credit score.
This program has been designed to often be a last-resort option for folks who have nowhere else to turn. LakewoodAlive’s Housing Outreach Program works tirelessly to connect residents to available resources to keep their homes in good repair and this program is now another tool in our organization’s tool box. The ideal candidate is someone who perhaps had a temporary job loss or a life change that made staying on top of their household bills difficult but are now working to get back on track. The Lakewood Pride Fund will help these clients make essential health, safety and code compliance improvements ultimately enhancing their quality of life, one repair at a time.
“The Lakewood Pride Fund is a tool to help families repair their homes as well as their credit by educating them about simple behavior changes like setting up a budget or creating a home maintenance schedule,” said Allison Urbanek, LakewoodAlive’s Housing & Internal Operations Director. “With these dollars, we will be able to assist homeowners in-need while preserving the tremendous pride in our neighborhoods, and helping to keep Lakewood alive and thriving.”
The Lakewood Pride Fund will:
- Improve access to bank financing for those who are unable to qualify for conventional bank loans through financial and home repair education
- Reduce the risk of homes falling into foreclosure and causing blight to our community
- Build stronger neighborhoods by maintaining and sustaining our housing stock through home repairs and improvements
- Advance housing outreach to homeowners to help maintain Lakewood’s historic housing stock
The Lakewood Pride Fund is only available to Lakewood residents who own and occupy their home. The program is currently able to serve households that are considered up to 120% of area median income, with loans capped at $8,500.
For more information regarding the Lakewood Pride Fund, including access to the Lakewood Pride Fund Application, please visit LakewoodAlive.org/PrideFund or contact Allison Urbanek at 216-521-0655. Please email completed applications to firstname.lastname@example.org.