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State notifies Two Rivers it will reclaim local housing revolving loan funds
Summary
City officials said the Wisconsin Department of Administration told municipalities it plans to discontinue locally held CDBG-funded housing revolving loan funds and redeploy those dollars toward a state initiative to convert vacant buildings to affordable housing; Two Rivers holds about $2 million in its fund.
City officials said the Wisconsin Department of Administration has notified Two Rivers that it intends to reclaim locally held housing revolving loan funds established under past Small Cities Community Development Block Grants, a move that would redirect those dollars to a statewide initiative to convert vacant buildings into affordable housing.
The notice affects a Two Rivers fund built from program income — loan repayments that had been re-lent locally — with a portfolio the city described as “a little over $2,000,000.” City staff said program-income loans in the fund are typically zero‑interest and fully deferred so long as the original…
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