Madison Reporter

The City of Madison is excited to announce the launch of an aggressive new effort to help local owners of rental housing finance improvements to their properties. The Rental Rehab Program offers help to owners that need to make major repairs to their properties, implement energy-efficiency upgrades, and comply with building codes and regulations.

The program offers owners of properties that charge no more than fair market rents access to up to $200,000 in low-cost loans to update or improve housing units. The amount of funding available varies based on the number of units in the property – owners of 1-6-unit buildings qualify for up to $75,000; those with 7-12 units can get up to $150,000; and 13-20 units qualify for up to $200,000. For the first year, the City will waive application fees and offer more attractive loan terms for properties within identified north, south, and southwest neighborhood boundaries to encourage participation of property owners in those locations.

The investments made possible with this program will help prevent, or reverse, the deterioration of rental properties, reduce the risk of safety hazards, and extend the life of aging buildings. At the same time, they will enable property owners to upgrade to local housing standards and improve the quality of housing for their tenants.

“Our housing crisis requires an all-of-the-above approach,” said Mayor Satya Rhodes-Conway. “While we work bring more housing to Madison, we must also take care of what we have – not only to preserve our housing supply, but also because all Madison residents deserve to live in safe and decent housing. The Rental Rehab Program is another tool toward that goal.”

Sustained population growth, changing demographics, and other market factors have combined to create a very difficult housing market, across the country and locally, especially for lower-income households. As a result, low-income households have limited options for safe and decent rental housing. Much has been done to promote the development of new rental housing in Madison but the Rental Rehab Program recognizes that a lot of good rental housing already exists here – some of it just needs a little TLC.

"The rental rehab program reflects the City’s unwavering commitment to thriving and inclusive communities," said Community Development Director Jim O’Keefe. "Everyone deserves a safe and affordable place to call home. By partnering with owners of smaller rental properties, we can improve housing conditions in our city today and have a lasting impact on the quality of life in Madison neighborhoods."

Property owners interested in participating in the rental rehab program should contact the City’s Community Development Division for more information at: homeloans@cityofmadison.com or (608)-266-4719 and visit www.cityofmadison.com/homeloans.

Original source can be found here.