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Housing Challenges for Low-Moderate Income Owner-Occupied Properties <br /> - Increasing property taxes and utility costs <br /> - Create an educational campaign to ensure that all eligible residents are taking <br /> advantage of Homestead Exemption for both property taxes and water and sewer <br /> rates <br /> - Campaign to get all eligible folks enrolled in P.I.P.P. and H.E.A.P. to reduce <br /> monthly utility cost burdens <br /> - Increasing home repair costs <br /> - Work with local agencies to help with code compliance and safety issues. <br /> - LakewoodAlive, Department of Community Development and CHN <br /> Housing Partners provide programs to help with home repairs and energy <br /> efficiency and weatherization <br /> - Lead Safe Cuyahoga is offered through Cuyahoga County Health <br /> Department <br /> - Big Issue: Trees and garages and fences and driveways tend to be <br /> common requests for repairs but HUD funding cannot be used to do these <br /> repairs on their own. <br /> - 51% of repairs must be completed on the actual house structure in <br /> order to do work on things like trees, garages and fences and <br /> driveways <br /> - Shortage of affordable houses for purchase <br /> - Unable to use down payment assistance because of increasing purchase prices <br /> - Maximum purchase price to use the program is $149,000 <br /> - Which is nearly impossible to find at the moment <br /> - If down payment assistance is used it is forgiven after 5 years for double homes <br /> and not for single homes <br /> - It may be worth re-examining this program to see if we are able to work <br /> with HUD to increase the maximum purchase price <br /> - Examine the forgiveness process for single family and doubles <br /> - How can we maximize this program? <br /> - Provide financial assistance for LMI owner-occupants who are able to purchase <br /> low-cost homes that need work to bring them into code compliance. <br /> - Reverse Mortgages ( HECM) ( for 62+) <br /> - Can be used as a tool to keep folks in their homes longer as you take equity out <br /> of the home to pay off debt or to be used as a revenue source <br /> - Backfires if the person lives in the home longer than the reverse mortgage lasts, <br /> it eats up all of the equity and the home can no longer be used as a way to pay <br /> for home repairs and the home can no longer be used for equity. <br />