| |
All programs
administered through the Redevelopment Authority are available only
within the city limits of Wisconsin Rapids. Following are brief descriptions
of the available loans and some of the eligibility requirements.
For more information, please contact the Redevelopment Authority
office.
Programs Available:
- Housing Cost Reduction Initiative (HCRI) Program:
A loan program designed to assist qualified homebuyers by providing
a portion of the down payment and closing costs associated
with the purchase of a house. The applicant’s must be
able to secure primary financing through a bank, credit union,
or other
authorized lending institution.
Terms:
Maximum Amount: $3,500 = eligible closing costs and/or 50% of
down payment
Repayment: Based on monthly budget
Interest Rate: 0%
- Deferred Payment Loan Program (DPL):
A loan program designed to make home improvement loans available
to low and moderate income homeowners. The loan funds must
be used toward improvements to the house that correct health
and safety
problems, conserve energy, enhance the livability of the property,
and/or extend the life of the property.
Terms:
Maximum Amount: $15,000
Interest Rate: 0%
Repayment: Deferred for as long as owner resides in property
mortgaged
- Investor/Owner (I/O) Loan Program
A loan program designed to make home improvement loans available
to landlords renting to low and moderate income households.
The loan funds are available for improvements which correct
health
and safety problems, conserve energy, enhance the livability
of the property, and/or extend the life of the property. Rents
must
fall into rent limits for the area.
Terms:
Maximum Amount: $12,000 per house or $6,000/unit in
multi-family dwellings
Repayment: Ten Year Loan/Monthly Payments
Interest Rate: 4%
| Income Limits |
| |
Family Size |
Gross Income |
|
Family Size |
Gross Income |
| |
1 |
$33,900.00 |
|
5 |
$52,250.00 |
| |
2 |
$38,700.00 |
|
6 |
$56,150.00 |
| |
3 |
$43,550.00 |
|
7 |
$60,000.00 |
| |
4 |
$48,400.00 |
|
8 |
$63,900.00 |
|
|
