MADISON, Wis. — The City of Madison is launching The Rental Rehab Program, a new program to help local rental house owners finance improvements to their properties. 

What You Need To Know

  • The City of Madison is launching The Rental Rehab Program, a new program to help local rental house owners finance improvements to their properties

  • The program aims to help owners that need to make major repair to properties, implement energy-efficient upgrades and comply with building codes and regulations

  • It will offer owners of properties that charge no more than fair markets rents access to up to $200,000 in low-cost loans for updates to their units. Owners of 1-6-unit buildings qualify for up to $75,000; those with 7-12 units can get up to $150,000; and 13-20 units qualify for up to $200,000

  • During the first year, the City will waive the application fees and offer attractive loan terms for properties within the identified north, south and southwest neighborhood boundaries to attract more owners into the program

The program aims to help owners that need to make major repair to properties, implement energy-efficient upgrades and comply with building codes and regulations. It will offer owners of properties that charge no more than fair markets rents access to up to $200,000 in low-cost loans for updates to their units.

The amount of funding they receive is based on the number of units on the property. Owners of 1-6-unit buildings qualify for up to $75,000; those with 7-12 units can get up to $150,000; and 13-20 units qualify for up to $200,000.

During the first year, the City will waive the application fees and offer attractive loan terms for properties within the identified north, south and southwest neighborhood boundaries to draw in more owners to the program.

“Our housing crisis requires an all-of-the-above approach,” said Mayor Satya Rhodes-Conway. “While we work bring more housing to Madison, we must also take care of what we have–not only to preserve our housing supply but also because all Madison residents deserve to live in safe and decent housing. The Rental Rehab Program is another tool toward that goal.”

The housing market has become increasingly challenging, particularly for lower income households, because of a combination of factors. This has led to limited and safe options for those who need the lower-income housing around the country. The Rental Rehab Program hopes to promote good rental housing that already exists in Madison.

“The rental rehab program reflects the City’s unwavering commitment to thriving and inclusive communities,” said Community Development Director Jim O’Keefe. “Everyone deserves a safe and affordable place to call home. By partnering with owners of smaller rental properties, we can improve housing conditions in our city today and have a lasting impact on the quality of life in Madison neighborhoods.”

Property owners who are interested in joining the program should contact the City’s Community Development Division for more information. You can email the city or call at 608)-266-4719. You can also visit their website, here.

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