A program to revitalize city neighborhoods and generate more affordable housing in Kenosha was unveiled Friday by Mayor David Bogdala.
City of Kenosha details program to boost affordable housing, revive neighborhoods
He said the initiative — called the Home Kenosha-Affordable Living, Neighborhood Revival Program — is designed to increase homeownership opportunities and help reinvigorate neighborhoods across the city.
The program will allow the city to sell vacant parcels it owns to homebuilders for $1 following the execution of a development agreement. There are currently 53 such lots available for the program.
“Every family deserves the opportunity to own a home and build a future in Kenosha,” Bogdala said. “The Home Kenosha program is a bold step toward revitalizing our neighborhoods and expanding access to affordable homeownership.”
The program was developed after Uline contributed $3 million to the city to help increase owner occupied single-family homes. The city will also extend some tax incremental financial districts by one year to provide matching funds of $3 million to finance the initiative.
“Thanks to Uline’s generous contribution we are providing opportunities for hardworking families to achieve the dream of homeownership while strengthening our city for generations to come,” Bogdala said.
“Uline is proud to be a part of the Kenosha community. Many of our employees live here. Affordable home ownership is vital to those who want to live and work here,” Elizabeth Uihlein said when announcing the initiative.
Under the program, specifications for 1-story homes call for a minimum of 1,200 square feet and three beds. Alternatives for 1.5 to 2-story homes would have a minimum of 1,300 square feet and three bedrooms.
Additional features would include partial or full basements, attached or detached garages (440 square feet minimum), covered stoops or porches, air conditioning, a dishwasher and sump pumps.
The City will contract with the State Bank of the Lakes to administer the program’s approved construction loans and second mortgages. The program will provide construction loans to homebuilders of up to 50% of eligible construction costs at an interest rate of 5.75% and provide eligible homebuyers with deferred second mortgage assistance of up to $50,000 at 0% interest.
Read more at the Kenosha News.