Monona City Council approves $50K loan for home renovation at 4806 Reagan Terrace

The Finance & Personnel Committee of Monona, WI, made significant strides in supporting local homeowners during their meeting on May 5, 2025. The committee approved two loan applications under the Renew Monona program, aimed at facilitating home renovations and improvements.

One of the standout discussions centered on a project eligible for tax credits, which could cover approximately one-third of the total costs. This financial incentive was highlighted as a crucial factor in making home improvements more accessible for residents. The committee noted that the previous application at 5001 Midmore had a similar structure, emphasizing the importance of these tax credits in the overall financing strategy.

The first loan request approved was for a project at 4806 Rogan Place Terrace, where homeowners Jeff and Jocelyn Donaldson sought $50,000 to remodel their basement. This renovation will add a new bedroom, bathroom, office, and workout space, contributing to the overall value and functionality of their home. The total project cost is estimated at $111,719, and it meets the necessary criteria for funding without requiring a detailed review by the Community Development Authority (CDA) due to its size.

Committee members expressed confidence in the financing options available, noting that these smaller loan amounts provide a more attractive alternative to traditional home equity lines of credit, which can be more costly for applicants. The committee is also looking forward to potential revisions to the loan program that could enhance its effectiveness in the future.

With both applications receiving unanimous approval, the committee reinforced its commitment to supporting home improvement initiatives that benefit the community. The anticipated outcomes of these projects include not only enhanced living spaces for residents but also increased property values within Monona.