Wisconsin Statutes 234.045 – Workforce housing rehabilitation loan program
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 234.045
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) Definition. In this section, “eligible rehabilitation” means an improvement to housing to maintain the housing in a decent, safe, and sanitary condition or to restore it to that condition if the improvement is the removal of lead paint or constitutes a structural improvement, including any of the following:
(a) Repairing or replacing a heating system, electrical system, plumbing system, roof, window, or exterior door.
(b) Repairing the foundation.
(c) Repairing or replacing insulation or siding.
(2) Workforce housing rehabilitation loans.
234.045(2)(a) (a) From the housing rehabilitation loan fund, the authority may make a loan to a person applying for the loan to pay for the cost of eligible rehabilitation to the applicant’s home if all of the following apply:
1. The applicant’s household annual income does not exceed 120 percent of the area median family income for the county in which the housing is located, adjusted for family size, as published annually by the federal department of housing and urban development.
2. The applicant’s home is a single-family residence that the applicant occupies and that was constructed before 1980.
3. The applicant agrees to repay the loan, including all interest, upon the applicant selling or otherwise transferring title to the residence to another person or upon the applicant and his or her family vacating the residence.
(b) The authority may establish an interest rate for any loan made under par. (a) below the market interest rate or may charge no interest.