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The Wisconsin Housing and Economic Development Authority, or WHEDA, is offering a loan to enable homeowners to make improvements and needed repairs.
The Home Improvement Loan Program had been previously offered but not widely used, said Robert Stafslien, WHEDA’s director of single family lending. “We expanded the program to be more beneficial to homeowners and lending partners to meet the needs of the current housing market.”
The program initially offered homeowners meeting WHEDA’s income limits of $15,000 to improve the quality and value of a home. Now it’s offering up to $50,000 to qualifying properties.
The Home Improvement Loan Program is a fixed-rate, first or second mortgage with a 15-year term, available to homeowners statewide to enable them to fix or update aspects of their current home rather than purchase a new one.
“The limited supply of affordable, move-in ready properties doesn’t match the need, so we want to encourage the revitalization of existing homes,” WHEDA CEO and Executive Director Elmer Moor, Jr. said in a news release.
Qualifying properties must be owner-occupied, and owners must comply with household income limits. Current non-WHEDA first mortgage holders are eligible to apply.
For more information
Certain program and property restrictions, along with eligibility requirements, apply. WHEDA mortgages are available through a network of local mortgage lending companies, banks and credit unions statewide. More information on WHEDA single-family loan products is here.
You can get updates here.
Other opportunities for homeowners
The city’s STRONG Homes Loan Program, offers partially forgivable loans for emergency and essential repairs.
Wisconsin Help for Homeowners is a new statewide program that can assist with past-due bills such as mortgage payments, property taxes and utility bills, among other things. Individuals and families who live in Wisconsin and have overdue housing-related payments, both with and without a mortgage, meet income and other qualifying standards and have experienced a qualified economic hardship since January 21, 2020, are eligible to participate in the program. For unpaid housing costs up to $40,000 per home may be available. Fill out and submit an online application via the Neighborly application portal. Call 1-855-2-HOME-WI to get additional information or find out how to apply in person.
The City of Milwaukee’s Neighborhood Improvement Project provides eligible homeowners located in the Community Development Block Grant area with home repairs based on building code violations, lead reduction, or health and safety concerns. The minimum scope of work to qualify is $5,000 with a maximum cap of $24,500 per home. Funds can be used for exterior fixes and emergency interior fixes.
Metropolitan Milwaukee Fair Housing Council can help homeowners protect themselves from mortgage and foreclosure prevention scams as well as from predatory home loans. For more information, call 414-278-1240.
Housing Resources Inc. can provide counseling to homeowners and has programs to help people avoid foreclosure. Housing Resources Inc. continues to offer its free homebuyer program, which assists residents in preparing for and completing a home purchase. For more information, contact the Mortgage Help Line at 414-369-6914 or email mortgagehelp@hri-wi.org.
Acts Housing provides counseling and real estate agent representation to help low-income families transition from renting to home buying. Acts Lending will lend up to $50,000 to qualified homebuyers who are completing a purchase/rehab project. For more information, call 414-933-2215 or email acts@actshousing.org.
Housing Authority of the City of Milwaukee offers guidance through the home-buying process and sells rehabilitated homes to low-income residents. For more information, call 414-286-5405.
Bronzeville Resident Homeownership Initiative: The Bronzeville Homebuyer Assistance Program provides forgivable loans of up to $25,000 and technical assistance to help with property renovation for residents buying city-owned foreclosed homes in the Bronzeville Initiative area. For more information, 414-286-5608 or visit its official site.
Common Ground-Milwaukee Rising: Milwaukee Rising rehabilitates and sells foreclosed properties in the Sherman Park neighborhood. Matching grants of up to $5,000 are available for homeowners wanting to make repairs and improvements. Contact Bob Connolly at 414-491-5910 or at bconnolly@jamescompany.com for more information.
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