Effective September 3, 2013, the NIDC Rental Rehabilitation Program has expanded so that purchasers of CIty-owned tax foreclosed properties throughout the City of Milwaukee Community Development Block Grant (CDBG) area are eligible to apply for financing under the program. Click here for more information about this expansion.
The Rental Rehabilitation Loan Program offers rehabilitation assistance to responsible investors who agree to rent to income-eligible tenants. The property must be a City of Milwaukee owned tax foreclosed property OR be located in a NIDC Targeted Investment Neighborhood (TIN) and meet program standards when the rehabilitation is complete.
Generally, units must have at least 2 bedrooms to qualify.
The property's debt compared to its value and its cash flow will be considered as part of our loan underwriting.
Provided they meet other program requirements, landlords are eligible for forgivable loans of up to $14,999 per unit. The loans bear no interest rate, and after 5 years they are forgiven.
The owner must provide at least one matching dollar for each Rental Rehab dollar received. For example, a 2/2 duplex would be eligible for up to $29,998 of Rental Rehab dollars if the landlord spends at least $29,998 of his or her own (bank loan, cash, etc) funds. The landlord is required to spend his/her money first.
NIDC works only with responsible investor-owners.
Applicants must have a Landlord Training certificate from the Department of Neighborhood Services (DNS).
Advance registration is required.
Please call the Landlord Training Registration Line at 414-286-2954
or email: LandlordTraining@milwaukee.gov.
The website is http://city.milwaukee.gov/Landlordtraining
Click here for the 2013 Landlord Training Class Schedule
We check to make sure landlords are current with property taxes on all owned properties in the City and that they have a good record with the DNS.