Did you know that you can access FREE MONEY to purchase & renovate a home in some of Madison's most coveted neighborhoods?
TIFs (Tax Increment Financing) are interest free, forgivable loans that have no income limits & allow buyers to put as little as 3% down. A buyer can utilize up to $80K in TIF funds to renovate a 1-3 unit property in some of Madison's most coveted neighborhoods (the property must be currently used as a rental). Once the renovation is complete, the loan is forgiven & depending upon how long you stay, you may (or may not!) have to pay back a portion of the funds.
The City has been offering TIFs in popular downtown, near east & near west neighborhoods for years. The goal has been to get more owner occupants living in & renovating homes that have been used as rentals. TIFs have been offered in the Tenney-Lapham Neighborhood, the James Madison Park/Mansion Hill Neighborhood, Bassett Neighborhood & Greenbush Neighborhood.
Interested in other home renovation loan products?
Rehab any home in the City of Madison with the City of Madison HBA loan. This program has an annual household income limit of $101,125. Program info can be found here.
A single draw construction loan is available to anyone, anywhere. Ask us for more details.