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Redevelopment Authority clears streamlined loans for Habitat for Humanity Waukesha, allows up to $800,000 outstanding
Summary
The Waukesha City Redevelopment Authority authorized a change allowing staff to approve short‑term construction loans to Habitat for Humanity Waukesha up to a maximum of $800,000 outstanding (four concurrent $200,000 loans) for work at Dominica Park; approved unanimously.
The Waukesha City Redevelopment Authority voted unanimously to authorize a streamlined loan arrangement for Habitat for Humanity Waukesha that lets staff approve short‑term construction loans so long as total outstanding loans to the organization do not exceed $800,000.
Staff said Habitat currently has three $200,000 construction loans outstanding and requested authority to allow up to four concurrent loans (a maximum of $800,000 outstanding) at the authority’s standard 3 percent interest rate for construction loans. The streamlined approval would permit staff to issue additional loans to Habitat for Humanity Waukesha for homes at Dominica Park without the developer returning to the authority each time a new short‑term loan is needed.
Staff noted the request is limited to projects at Dominica Park and that loans historically have been repaid within about a year as families occupy the homes. Authority members recorded unanimous approval; the motion passed without an extended roll call and a single motion was recorded as approved.
Staff said the development fund can accommodate the requested increased outstanding balance and that the change would free regular authority meeting time while allowing staff to enforce consistent loan terms and underwriting. The loans will continue to carry the standard construction loan terms used by the authority and staff will report back on loan activity as repayments occur.
