Jan. 31, 2025 10:45a
(WGTD)---Details have been revealed of Kenosha Mayor Dave Bogdala's long-awaited affordable housing program.
Titled "Home Kenosha-Affordable Living, Neighborhood Revival", the program builds on a $3 million donation from Uline.
The plan includes financial incentives for builders to redevelop 53 vacant, city-owned lots. Builders will be able to obtain the lots for $1 apiece, and then take advantage of construction loads of up to 50% of eligible construction costs at an interest rate of 5.7%.
Eligible home buyers will be able to receive deferred second mortgage assistance of up to $50,000.
According to a news release, the city will contract with the State Bank of Lakes to administer the program and front some of the money. Additional financial support will be generated by the city extending the life of certain Tax Incremental Districts by a year.
The newly-constructed homes must be sold to owner-occupants for $325,000 or less, and to households earning at or below 150% of the Kenosha County median income.
Additional lots are expected to become available in the months and years ahead.
The City Council is expected to review the plan Monday night.
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