Investor Resources

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Overview

The Neighborhood Improvement Development Program, in partnership with the City of Milwaukee, began including investors in their Rental Rehabilitation Program so that purchasers of foreclosed, City-owned properties are eligible for financing. Rehabilitation assistance is available to investors who agree to rent to income-elgible tenants and properties must meet program requirements when complete.

Tenant income cannot exceed:

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Funds Available

Forgivable second mortgages of up to $14,999/unit and up to $29,998/duplex are available. The loans bear no interest rate, and after 5 years they are forgiven.


These funds are meant to assist with up to half of the cost of needed rehabilitation, and the owner must match the loan dollar-for-dollar.

Details

Qualified landlords are eligible to apply for this program after getting a City-Owned tax foreclosure property under contract to purchase and prior to closing on the purchase. Normal program application fees are waived for clients hoping to utilize the program to rehabilitate these tax foreclosed homes.


See Kapital Real Estate’s List of City of Milwaukee Tax-Foreclosed Properties Here

Landlord Training Programs

Applicants are required to have a Landlord Training Certificate from the
Milwaukee Department of Neighborhood Services.

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Do I Qualify?

The program is limited to experienced landlords who have a successful record of owning and managing rental properties. Exceptions may be made for qualified buyers purchasing a property within three blocks of their primary residence. 

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Additional Information

For more information, additional resources, and more, visit
The Milwaukee Neighborhood Improvement Development Corporation Website
or contact them at 
ndic@milwaukee.gov

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