City discusses $2M flood mitigation assistance for homeowner's property improvement

During the recent Wausau Economic Development Committee meeting held on May 6, 2025, significant discussions centered around a proposed project aimed at addressing floodplain concerns and supporting local housing development. The committee examined a request from a property owner seeking city assistance to elevate his property out of the floodplain, a requirement mandated by FEMA.

The property owner is eligible for Community Development Block Grant (CDBG) funds, which could facilitate the necessary improvements. Preliminary estimates suggest that the cost of raising the property could reach approximately $2,025,000. The city is considering providing this financial assistance in the form of a mortgage, which would ensure that the funds are repaid if the property is sold before a specified period.

The proposed financial arrangement is envisioned as a forgivable loan, allowing the homeowner to gradually build equity over time. After residing in the home for a designated period, such as five to ten years, portions of the loan would be forgiven, easing the financial burden on the homeowner while still ensuring the city recoups its investment.

This initiative highlights the city's commitment to addressing housing needs and floodplain management, reflecting broader concerns about affordable housing and environmental safety in the region. As discussions progress, the committee will need to weigh the financial implications for the city against the potential benefits of supporting local residents in securing safe and stable housing.