This website uses certain cookies, pixels and similar tracking technologies in order enhance site navigation, analyze site usage, and assist in our marketing efforts.
Certain information collected by that technology may be shared with our third party partners.
By continuing to use this website, you agree to the use of these technologies.
JANESVILLE — Gov. Tony Evers has signed a bill into law that will help working people in Wisconsin more easily reach homeownership.
A local homebuilding nonprofit official from Habitat for Humanity said the new law, brought forth through , will provide up to $10 million statewide for secondary home mortgages that will help first-time homeowners afford newly built housing.
Habitat for Humanity of Waukesha, Jefferson and Rock Counties Director of Development Sue Vock says the new lending program would provide additional “bridge loans” for first-time homebuyers that offset about $270 a month in mortgage cost.
In Wisconsin, local Realtor association data show that home sale prices for both new and existing homes have climbed 40% to 50% in the last year.
That can equate to an extra cost to homebuyers of $90,000 to $100,000 in markets with demographics similar to Rock County.
Vock told The 69 that the new loan program is aimed at easing what is a growing barrier of entry for new homeowners — inflation in the cost of newly-built homes.
“It’ll really help to create long-term stability for first-time homebuyers, not just a short-term band-aid,” Vock said. “It’ll also help people buy housing closer to where they live and work.”
Habitat for Humanity Waukesha-Jefferson-Rock says it played a major role developing the home loan bill authored by Sen. Jesse James and Rep. Jessie Rodriguez.
It establishes a workforce home loan program that will be administered through the Wisconsin Housing and Economic Development Authority, known as WHEDA.
The program offers zero-interest supplemental financing.
Habitat for Humanity chapters across Wisconsin spent two years helping craft the legislation, drawing on their on-the-ground experience with families struggling to afford homes.
The loan program fits with Habitat’s model that pairs zero-interest mortgages with a requirement that homeowners invest their own time and effort in achieving homeownership.
Habitat for Humanity says in many parts of Wisconsin, one in five households is cost-burdened, which means the residents spend 30% or more of their income on housing.
Peter Lewandowski, CEO of Habitat for Humanity of Wisconsin, said the bill builds on the statewide network’s commitment to tackling the housing crisis.
”This initiative empowers families to achieve homeownership, but also helps build stronger communities and a more resilient workforce,” he said in a statement.
Local state Rep. Brienne Brown, a Whitewater Democrat whose district falls within Habitat Waukesha-Jefferson-Rock’s service area, supported the loan bill.
Vock said Habitat for Humanity is launching the first of four home builds it plans in Janesville this spring. The Janesville project will likely be finished this fall, and would be eligible for the new state loan program.
Sign up for our Daily Update & Weekend Update email newsletters!
Get the latest news, sports, weather and more delivered right to your inbox.
