Redevelopment Authority

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 home buyers 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
  • Interest Rate - 0%
  • Repayment - $25, $50, or $75 depending on income level.
    
    
• 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 - $25,000
  • Interest Rate - 0%
  • Repayment - Loan must be repaid when the property is sold, if it is no longer the primary residence, or 30 years from the date of closing
  
  
• 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: $15,000 per house or $6,000/unit in multi-family dwellings
  • Interest Rate: 4%
  • Repayment: Ten Year Loan/Monthly Payments
  
  

Income Limits
	Family Size	Gross Income		Family Size	Gross Income
	1	$35,200.00		5	$54,250.00
	2	$40,200.00		6	$58,300.00
	3	$45,250.00		7	$62,300.00
	4	$50,250.00		8	$66,350.00

Related Services

Housing Programs