Deeper Roots -Affordable Housing Stock Improvement Loan Program
Program Overview: The Affordable Housing Stock Improvement Program would be intended to modernize and improve the housing stock in De Pere while maintaining affordability for homeowners and buyers. Loans would consist of 0% interest over the life of the loan, and act as a deferred second mortgage with no principal or interest payments due until after five-years following the award of the loan, or at the sale (or refinancing) of the home, whichever comes sooner. The expectation is that the borrower will preserve sufficient equity to allow for the repayment of the De Pere Housing Stock Improvement Loan at the end of the loan term. At the end of the loan term, the amount of the loan must be repaid in full. The maximum amount of any loan award will be $20,000 or 50% of the total improvement costs for owner-occupied single family units.
Funding Source: $400,000 housing affordability funds and $100,000 ARPA (approved). The first $100,000 of the program shall be funded from ARPA.
General Program Requirements: Funds may be used to make upgrades to home systems including electrical, plumbing, mechanical, or other systems or functionally outdated features, to bring them into compliance with current standards and codes, or to modernize them to current quality, efficiency, and performance levels. Replacement or maintenance of home components that are expected to be replaced periodically such as roofing, water heaters, and fixtures will not be funded. Homes must be occupied by the funding applicant as the owner for five (5) years after the time improvements.
The program is limited to those making 100% or less than the county median income.
2023: Brown County Median Qualifying Incomes (100% of County Median Income)
1 Person: $66,690
2 Persons: $76,400
3 Persons: $86,000
4 Persons: $95,500
5 Persons: $103,200
6 Persons: $110,800
7 Persons: $118,500
8 Persons: $126,100
The program is limited to owner-occupied single family homes with a most recent assessed value at or below 100% of the median assessed value of single-family residential property in the city. Furthermore, eligible homes include those in the City of De Pere being purchased whose sale price is valued at or below 100% of the median assessed value of residential property in De Pere. This determination will be based on the most recent figure, at the time of the loan application, from the City of De Pere assessment data or the US Census Bureau.
Program Documents:
1. Deeper Roots Program Information
2. Deeper Roots Program Application
3. Deeper Roots Program Process Checklist for City Staff
