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Redevelopment Authority approves $400,000 in construction loans to Habitat for Humanity for Dominican Park lots
Summary
The authority approved two $200,000 construction loans to Habitat for Humanity to support construction of homes on lots 1 and 13 at Dominican Park; disbursement will be tied to building permits, carry 3% interest and repayment is due on sale or transfer to selected Habitat families.
The Waukesha Redevelopment Authority voted to approve $400,000 in construction loans to Habitat for Humanity of Waukesha and Jefferson Counties to support homes on Lots 1 and 13 at the Dominican Park subdivision.
Staff member Jeff recommended approving two $200,000 construction loans, each disbursed only after the developer obtains building permits. He said the loans will carry 3% annual interest and repayment will be due at the time of sale or transfer to the selected Habitat family. “So we're getting that principal interest back, which helps build up our fund a little bit,” Jeff said.
The authority's staff explained the approval follows the authority’s practice of tying disbursement to permit issuance and, where possible, timing releases so other outstanding loans are repaid and returned to the program. Staff noted that several closings scheduled in May are expected to return about $400,000 to the program, effectively offsetting this new $400,000 commitment and leaving the $1.5 million uncommitted development balance intact.
Members discussed project timing and cashflow. Staff said Dominican Park construction is progressing and estimated completion of the subdivision by December 2026. Typical turnaround from construction start to sale on similar projects was described as about 10 months, though staff cautioned schedules can vary.
A motion to approve the loans was made and seconded; the chair called for a voice vote and, with no objections, declared the motion approved.
Action details: the loans will be tied to building-permit issuance, accrue interest at 3% per year, and be repaid when Habitat transfers the completed units to selected families.
