The city of Lakewood is launching a new program to help landlords.
The Rental Restoration Program offers landlords in Lakewood zero percent interest financing and partial loan forgiveness, up to $14,000 per unit, to make improvements to their rental properties.
Interior improvements like kitchens, bathrooms, painting, windows, flooring, electrical, and plumbing are eligible for the Rental Restoration Program, as well as common area improvements such as hallways, entrances and roofs.
To qualify for the program, tenants must have low to moderate income.
After receiving funding, landlords must agree to a five-year commitment to affordability.