Stevens Point Initiates Low-Interest Loan Program to Assist Local Residents
In a recent announcement, the City of Stevens Point, Wisconsin, unveiled its new low-interest loan program aimed at assisting residents in making necessary repairs and upgrades to their homes. The program, known as the “Housing Modernization Loan Program,” is now open to all city residents. This initiative stems from a comprehensive housing study conducted in 2017, which identified the need for a loan program to aid residents in improving their homes.
Designed to benefit a limited number of residents, the loan program offers a 2% interest loan with accessible funds. Crucially, loan payments made by borrowers are reinvested back into the program, ensuring its sustainability and growth.
Mayor Mike Wiza of Stevens Point highlighted the significance of the Housing Modernization Loan Program, stating, “There are many residents in our city who would greatly benefit from home upgrades, but find them financially out of reach. With the launch of this program, we hope to provide residents with a more favorable means of repairing and updating their homes, ultimately leading to increased savings within our community.”
The Housing Modernization Loan Program works in conjunction with three grant programs managed by the City of Stevens Point, as well as additional programs overseen by CAP Services, all of which aim to support local homeownership. The Neighbor Helping Neighbor grant has also been expanded to reimburse income-qualifying residents, offering a range of $1,000 to $5,000 for exterior repairs. With the introduction of the new loan program, financial assistance is now extended to a broader range of homeowners, coinciding with the city’s review of recent recommendations from the Housing Taskforce.
City officials encourage all homeowners and prospective homeowners to explore the available resources. Information regarding housing grants and loan programs administered by the City of Stevens Point and other local organizations can be found on the city’s website at stevenspoint.com or by searching for “Homeowner Help.”
For additional details on the Housing Taskforce and the 2017 Housing Study, interested parties can also refer to the information available on the city’s website at stevenspoint.com. Specific inquiries about programs managed by the city can be directed to Chris Klesmith, Neighborhood Planner & Economic Development Specialist, at [email protected].