At last week’s Committee Meeting, we discussed Ordinance 20-2021, which would authorize the City to enter into an agreement with a realtor to market and sell homes located at 12311 Plover Street and 17450 Shaw Avenue.
The City used funds from the Department of Housing and Urban Development’s HOME Investment Partnership Program to build houses on these formerly vacant lots. This project is part of Lakewood’s Affordable Housing Strategy, and these homes will only be sold to buyers whose income is no more than 80% of the Area Medium Income (AMI). To avoid the home being “flipped,” there is a deed restricted mortgage that requires any profits be shared with the City if the buyer sells the home within the first 10 years of ownership.
The Plover Street house is 1,758 sq. ft. and has two bedrooms and two baths. The home also includes a first-floor workspace, which would be perfect for anyone looking to jumpstart their small business. The Shaw Avenue house is 2,170 sq. ft and features a first-floor master bedroom, two upstairs bedrooms, and a two-car garage.