Low-interest loans for rehabbing Madison, WI rental properties

The Department of Planning & Community & Economic Development is administering a loan program to assist investors to upgrade their non owner-occupied rental properties.

Some particulars:

- The interest rate is at a low 2.75% with a maximum loan amount of $19,000 for a single unit and $3,000 for each additional unit up to an 8-unit building (total being $40,000).

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• - The maximum term of the loan is 15 years.
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- Total debt secured by the property, including the new City loan, cannot exceed 90% of the value of the property.

- The required loan processing fee is 1% of the loan amount.

- There are income limits for the residents and limited rent amounts that can be charged.

More information can be found on the City of Madison's website.