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PLACED ON IST READING & REFEPdLED TO THE <br /> COMMITTEE OF THE WHOLE 2/5/07. PLACED ON <br /> SECOND RE~DiNG 2/20/07 ) <br />ORDINANCE NO: 18-07 BY: <br /> Antonio, Butler, Demro, Dever, FitzGerald, <br /> Madigan. <br /> AN ORDINANCE to create the Grow hakewood Housing Program to assist <br />owners in converting two-family homes into single-family homes <br /> <br /> WHEREAS, the Grow Lakewood Committee in its report to Couhcil included in <br />its critical recommendations the prese~ation and growth of housing values to the future <br />of Lakewood; and <br /> <br /> WHEREAS, Lakewood's Community Vision recommended developing programs <br />to encourage homeownerahip; and <br /> <br /> WHEREAS, the Administration wishes to establish a Grow Lakewood Housing <br />Program for the purpose of financially assisting property owners with the conversion of <br />two-family homes to single family homes; and <br /> <br /> WHEREAS, financial assistance will be in the form of a deferred loan, secured <br />by a mortgage, on tbe property; and <br /> <br /> WHEREAS, sixty-one percent of Lakewood's housing stock was built prior to <br />1939; and <br /> <br /> WHEREAS, the Grow Lakewood Housing Program will encourage owner <br />occupancy of existing two-family homes are increasingly becoming solely renter <br />occupied; and <br /> <br /> WHEREAS, the Grow Lakewood Housing Program will help outdated homes <br />meet current regional market needs, by assisting owners in creating great rooms, larger <br />bathrooms and master suites Now Therefore, <br /> <br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE QF OHIO <br /> <br /> Section 1. That the Grow Lakewood Housing Program is hereby <br />established for the purpose of providing financial assistance to property owners <br />for the conversion of two-family homes to single family homes in an amount not <br />to exceed $50,000 per participant.. <br /> <br /> Section 2. That the Director of Planning and Development is hereby <br />authorized to establish program guidelines consistent with this ordinance for the <br />Grow Lakewood Housing Program <br /> <br /> Section 3. It is found and determined that all formal actions of this <br />Council concerning And relating to the passage of this ordinance were adopted <br />in an open meeting of this Council and of any of its committees, that resulted in <br />such formal actions, were in meetings open to the public in compliance with all <br />legal requirements <br /> <br /> -fL/- ' f ~ President of Council <br /> <br />Approved: <br /> <br /> lerk of Co?cil <br /> <br />Mayor ~ // <br /> <br /> <br />