Welcome to the "Grant and Loan Program" Page

(updated 7/10)

REHAB LOAN PROGRAM

This program provides owner occupants of 1 - 4 unit residential buildings, a 3% interest loan at the maximum of $15,000, with a 5 to 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 to 4 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.

FORECLOSURE REHABILITATION PROGRAM

This program provides eligible owner occupants who have purchased a 1 - 3 unit residential foreclosed property, with up to $30,000 of funding with a 5 to 15 year repayment period.  The goal of this program is to work with owner occupants to rehabilitate foreclosed properties, enhance the appearance of Lynn’s neighborhoods and to correct all health and safety code violations.  Rehabilitation guidelines will ensure that all units meet or exceed Article II of the Massachusetts State Sanitary Code and such improvements shall also include Green Building and Energy Efficient Measures.  Program is subject to the availability of funds.  Funding for this program has been provided by the U.S. Department of Housing and Urban Development, the Department of Housing and Community Development, Massachusetts CDBG-NSP Program.  Click here for flyer.

SOFT SECOND PROGRAM 

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 (PMI) 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 grant.  Program is subject to the availability of funds.

REALIZING THE DREAM HOMEOWNERSHIP PROGRAM 

The goal of this program is to work with eligible first time buyers whose savings and income are inadequate to meet certain costs associated with the purchase of a 1 – 4 family or condominium residential property; to enhance the appearance of Lynn’s neighborhoods and to correct all health and safety codes.  Homebuyers who fit the eligibility criteria will be eligible for a $5,000 grant and a $5,000 loan at 0% interest amortized over 5 years.  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. 

LEAD ABATEMENT PROGRAM

                                           Click here for program brochure and program flyer.

TENANT BASED RENTER ASSISTANCE (TBRA)

This program is meant to assist qualified working families transitioning out of DTA emergency shelters into permanent housing that 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 is subject to the availability of funds. 

 
Please visit the Neighborhood Services Department at 10 Church Street or call 781-581-8600 for complete Program Guidelines and eligibility requirements.