Oct. 25, 2-5 pm – Free and open to the public
Mendota Lake House Bed and Breakfast, 704 E. Gorham Street, Madison, WI
Madison’s small-cap TIF program has been available for several years in the Basset neighborhood and later the Mansion Hill neighborhood. Now, the program has been given a big boost by the city council.
The small-cap TIF loan program provides 0%-interest loans for converting a rental property to an owner occupied property. It must remain owner-occupied for 10 years, with 10% of the loan forgiven each year until the 10 years are up. If it reverts to rental before the 10 years are up, the owner must pay back a prorated portion of the original loan.
The Council has increased the maximum amount of loans from $80,000 to $100,000, expanded the boundary into the Tenney-Lapham neighborhood, and for the first time allowed a developer or other individual to use the loan to improve a former rental property as long as they sell it to an owner-occupant within two years.
To promote the Mansion Hill-James Madison Park Small Cap TIF program, Alder Ledell Zellers and neighborhood leader Joe Lusson have teamed up to organize Sunday’s seminar and tour. The program will include representatives from the city, Home Savings Bank, TDS Custom Construction, professionals knowledgeable about Historic Tax Credits which are also available for some homes in the area and a homeowner who has already used the loan program. Realtors who specialize in the central city will also be on hand to answer questions. Q&A will be followed by tours of several homes that have been converted from rental to owner-occupied, are in the processing of doing so, or might be eligible for a small cap TIF loan.