City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan

What is City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan?

City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan is a forgivable loan for homebuyers in Milwaukee, Wisconsin, administered by City of Milwaukee — Neighborhood Improvement Development Corporation (NIDC).

• Fully forgivable second-mortgage loans of up to $20,000 to help eligible buyers purchase AND rehabilitate City-owned foreclosed homes (1-2 units) they will occupy as their primary residence. Assistance limited to no more than one half of total purchase + rehabilitation cost. Administered by the City's NIDC.
• Up to $20,000 forgivable second-mortgage loan toward purchase and rehabilitation of a City-owned foreclosed 1-2 unit home; technical rehab assistance from a City Rehabilitation Specialist.
• Funding comes from City of Milwaukee / NIDC (federal program funds).

How much assistance does it provide?

City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan offers up to $20,000 in assistance.

• Award tiers: Forgivable over 5 years pro-rata (20%/year). Fully forgiven after living in the property 5 years post-completion; if sold during the initial 5 years, the balance must be repaid. Limited to ≤50% of total purchase + rehab cost.
• Buyer contribution: Buyers must contribute at least $1,000 of their own funds toward purchase and rehabilitation.
• Amounts are the program's published maximums, not an offer — City of Milwaukee — Neighborhood Improvement Development Corporation (NIDC) determines any individual award.

Do you have to pay it back?

City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Repay outstanding balance if the property is sold during the initial five-year period; otherwise forgiven 20% per year.
• The assistance is recorded in second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan is open to buyers who will live in the home as their primary residence.

What are the income limits?

City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan sets its income limit as follows: No maximum income limits (per program brochure).

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan caps the purchase price as follows: Limited to City-owned foreclosed properties with 1-2 housing units.

• Eligible property types include single_family.
• New construction is not eligible.
• Manufactured homes are not eligible.

Where does it apply?

City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan serves buyers purchasing in Milwaukee, Wisconsin.

• The program targets specific areas: City-owned foreclosed homes within the City of Milwaukee.
• Targeted neighborhoods: City of Milwaukee (city-owned foreclosure inventory).

How do you apply?

Applications for City of Milwaukee Homebuyer Assistance Program (HBA) — City-Owned Foreclosure Rehab Forgivable Loan go through City of Milwaukee — Neighborhood Improvement Development Corporation (NIDC), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through 8 hours of homebuyer counseling from a HUD-approved Homebuyer Counseling Agency (waivers available for previous homeowners)..

2. 2

   Contact City of Milwaukee — Neighborhood Improvement Development Corporation (NIDC) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.