In an effort to rid itself of the many abandoned and foreclosed properties throughout the city, Milwaukee’s Neighborhood Stabilization Program (NSP) Rental Rehab Program will provide investors and landlords with financial assistance to rehabilitate foreclosed homes.
According to the flyer that I was given, responsible investor owners and landlords who purchase foreclosed homes in the city of Milwaukee may be eligible for forgivable loans of up to $17,500 per unit (or $35,00 for a duplex) to assist them with repairs to the property. The funds are made available on a matching funds basis.
The city will be holding an informational seminar on Wednesday, January 27, 2010 from 3:30 – 4:30 pm at the Department of City Development located at 809 N. Broadway in the 1st floor boardroom.
The seminar will provide attendees with additional details as to the program requirements and rehabilitation specifications.
It is requested that all attendees pre-register by sending an email to NSPinfo@Milwaukee.gov.
Additional information on the program can be found at the www.MilwaukeeHousingHelp.org
#1 by Joe on January 27th, 2010
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I am going to be attending this, but hope it is not similar to other city programs I have encountered in the past. Typically getting involved with such a program adds so much time and red tape to a rehab project as to not make it worth it. But this is the same city that just charged me 80 dollars per rental unit and is forcing their way into my properties, so I will temper my optimism.
#2 by Tristan R. Pettit, Esq. on January 28th, 2010
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Joe — Thanks for your comment and I understand your concern – it is the same concern that I have. I will not be attending the meeting but would be interested in you posting your thoughts on my blog after you have attended the meeting and weighed the pros and cons.
Thanks
T
#3 by Tristan R. Pettit, Esq. on January 28th, 2010
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You are welcome Dan – thanks for checking out my blog.
T
#4 by Tristan R. Pettit, Esq. on January 28th, 2010
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Joe — Thanks for your comment. I have similar concerns. I will not be attending the meeting but would appreciate you posting your thoughts after attending the meeting and weighing the pros and cons of the program.
Thanks
T
#5 by Joe on January 28th, 2010
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Hey Tristan I blogged about my thoughts on the program. Feel free to check it out and let me know what you think.
http://www.milwaukeemetromanagement.com/blog.aspx
Joe
#6 by Brian K on March 30th, 2010
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Just say no to this. Keep the city out of your building at all costs.