Waunakee program offers matching grants up to $10K for residents’ home improvements
The village of Waunakee has allocated $159,000 in funding for a program that will give some of its residents up to $10,000 to fix their homes, the Wisconsin State Journal reports.
The program, which will be accepting applications for consideration starting in October, will provide matching grants of between $2,000 and $10,000 for home-improvement projects worth $4,000 minimum. Eligible homeowners must make no more than $71,179 — 60% of the area’s median income of $118,631.
Funding comes from an extension of one of the village’s tax incremental financing (TIF) districts. The Village Board also approved an extension of a second TIF district, which could provide an additional $775,000 if the program attracts sufficient applicants. State law dictates that 75% of the money generated by extending a TIF district must be used for affordable housing.
The intention of the fund is to maintain the village’s stock of affordable housing, especially in older neighborhoods with single- and two-family homes.
Beyond its income and project-cost requirements, the program is limited to owner-occupied one- or two-family homes assessed at a maximum of 125% of the village’s median home value. The older the home, the more likely the property owner will receive a grant.
Properties whose owners are delinquent on any debts to the village, have open code violations, or that are owned in part or in whole by a tax-exempt entity will not be eligible. Properties can also only be eligible once every five years.