Welcome to the "Grant and Loan Program" Page
"REALIZING THE DREAM" FOR HOME OWNERSHIP (Effective July 1, 2007)
This program is meant to expand the affordability of homeownership to eligible first-time buyers whose savings and income are inadequate to meet certain costs associated with the purchase of a single family or condominium properties. The resources from this program will be in the form of a 2nd mortgage in the combination of loan or grant. The payment is structured as a loan, paying interest only and will be amortized over a 5-30 year term. The assistance is only for down-payment, closing costs, lead paint removal or correction of all code violations. Program is subject to the availability of funds.
Download: Our Home Ownership Program Guide Overview (PDF Format)
DEVELOPMENT AREA GRANT (Effective July 1, 2007)
This program provides owners of 1-6 family buildings, a grant up to a maximum of $3,000 for the cost of eligible exterior painting, repairs and improvements that correct all code violations. Owners of mixed-use properties may apply for this grant for repairs to the residential portion of the property only. No work will be done on any nonresidential space. Program is subject to the availability of funds.
GET THE LEAD OUT (Effective July 1, 2007)
This program is designed to provide low cost financing to owner-occupants of 1-4 family properties, investor-owners and non-profit organizations to remove lead paint from their homes and reduce the possibilities of lead poisoning in children. This program is administrator by MassHousing. Program is subject to the availability of funds.
HOMEOWNERS ENERGY EFFECIENCY PROGRAM (Effective July 1, 2007)
This program is to provide owner-occupants of a 1-3 unit residential building who meet the income requirement a 0% interest loan in the amount of $10,000, with a 15-year repayment period. For those owner-occupants who live in LHAND’s designated Neighborhood Strategy Area and do not meet the income requirement are eligible for a 3% interest loan in the amount of $10,000, with a15-year repayment period. The homeowners energy efficiency program reduces the amount of energy required to heat homes and provide hot water. The majority of homes in City of Lynn were built when energy was relatively inexpensive. These homes significantly cost more to heat than a newer energy-efficient home.
REHAB LOAN PROGRAM (Effective July 1, 2007)
This program provides owner-occupants of 1 to 6 unit residential buildings, a 3% interest loan at the maximum of $20,000, with a 5-15 year repayment period. This program also provides individuals aged 62 or older are eligible to apply for a 0% deferred loan, a maximum of $15,000, for the cost of eligible repairs. Owner-occupants of 1-3 unit residential buildings to make their home handicap accessible and correct all health and safety code violations.
Our goal is to work with owner occupants to rehabilitate existing dwellings, enhance the appearance of Lynn's neighborhoods and correct all health and safety code violations. Owners of mixed-use properties may apply for this loan for repairs to the residential portion of the property only. No work will be done on any nonresidential space. Program is subject to the availability of funds.
CLICK HERE FOR COMPLETE PROGRAM DETAILS
SOFT SECOND PROGRAM (Effective July 1, 2007)
The objective of this program is to provide down payment assistance and closing cost assistance for those who are participating in the state approved “Soft Second” program. The Soft Second loans are available to low and moderate income first time homebuyers to reduce their first mortgage amounts and eliminate the need for Private Mortgage Insurance and make homeownership more affordable. The LHAND will provide a 1.5% forgivable loan for down-payment and closing cost assistance to eligible first-time buyers whose savings and income are inadequate to meet the cost associated with the purchase of a 1-4 family and condominium residential properties. The resources of this program will be in the form of a forgivable loan. Program is subject to the availability of funds.
CLICK HERE FOR COMPLETE PROGRAM DETAILS
TENANT BASED RENTER ASSISTANCE: TBRA (Effective July 1, 2007)
This program is meant to assist qualified working families transitioning out of DTA emergency shelters into permanent housing who pay a disproportionate share of their income toward housing costs (rent and utilities), unaccompanied high school youth identified as at-risk by the Lynn School Department, and working families residing in HOME-funded developments located within the city’s Neighborhood Revitalization Strategy Area (NRSA). LHAND will provide these households with a housing grant per month to help pay their rent for a period of one (1) year. Assistance in future years is subject to the availability of funds. For a complete copy of program guidelines, eligibility and an application, please contact the Neighborhood Services Department at (781) 477-2800. Programs are subject to the availability of funds.
