Loans for Home Repairs in Milwaukee

The Midwestern state of the United States, Wisconsin, has recently introduced a $50 million initiative to its Department of Housing for the creation of a low-interest loan program so that homeowners of houses built before 1984 can carry out the necessary repairs for their preservation.

The measure was undoubtedly well received by the state’s residents, especially those living in the city of Milwaukee, where thousands of calls quickly followed to receive more information about this type of loan and the requirements to apply for this important aid.

Wisconsin currently has a large number of properties that are at least 40 years old and in need of priority repairs and renovations. Therefore, this new loan program was gladly accepted and abruptly requested by a large part of the inhabitants of the different cities in the state.

Based on a survey conducted by the American census on the average age of buildings in different communities across the country, it was determined that buildings in Wisconsin are around 50 years old, 5 years older than the national average age.

As a result of this survey, and being one of the most affected cities, Milwaukee is one of the cities that is most specializing in the dissemination of the loan program for repairs.

According to the state, this program is intended for homeowners to carry out critical repairs such as fixing leaking roofs, broken pipes, or addressing issues arising from mold and lead and asbestos paint. However, the homeowner who wishes to take advantage of the program and be benefited by it must make the repairs through an authorized and insured contractor.

Although the government’s idea is to benefit owners of old or poorly maintained houses, it emphasized that the program is especially aimed at elderly people living in homes that need improvements, as many have fixed incomes that limit their ability to address repairs and issues like cold, heat, and mold that disproportionately affect their health.

To access the home repair loan program for homes built before 1984, the Wisconsin Housing and Economic Development Authority has determined that interested individuals can do so through local banks in each city.

The program, according to WHEDA, consists of two types of loans, but both have low-interest rates. The first one has a duration of 30 years and is intended for residents earning between 100% and 140% of the county’s median income, with an interest rate of 3%. The other loan is for homeowners earning less than the county’s median income. It is an interest-free loan, forgivable after five years.

The only drawback of the More Like Home program, as stated by the administration, is that this loan cannot currently be requested for accessibility-related renovations, such as wheelchair ramps or stairlifts.

Available Foreclosures:

Milwaukee: 50 homes available.

By Elias DaSilva | October 3, 2024.