FREE money for rehabbing in Milwaukee

Can this really be true?  Can you really get free money for rehabbing in Milwaukee?

Yes this is actually true, but of course there are conditions.  The City of Milwaukee was provided with $2.7 million in funding from the "Wall Street Reform and Consumer Protection Act of 2010" which went to the Neighborhood Stabilization Program (NSP).

After October 1st, 2012, these Rental Rehabilitation loans will only be available for properties in the parts of Sherman Park and the Layton Boulevard West neighborhoods.  (The Milwaukee website has a map of these areas here.)

How the NSP program works:

- Find a foreclosure in the designated neighborhood you want to buy.

- Get an approved offer to purchase.

- Submit an application and get approval from the program.

- Purchase the property.

- Complete your rehab.  The second 1/2 of the rehab funds are paid by the City of Milwaukee as a loan up to $17,500 per property.

If you keep the property code-compliant and rented to a tenant within the income limits and rent amount specified by the program, you do not have to pay the money back ($15K and under forgiven in 5 years, over $15K forgiven in 10 years).

More information on the NSP program can be found on the City of Milwaukee's website.