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Wausau staff report eight commercial-rehab loans closed; available program balance low
Summary
Staff reported that eight commercial rehabilitation loans have closed, six are current, one is interest-only with an accepted offer on the property, and one is delinquent; the program balance stands at about $26,000, limiting new activity until repayments occur.
WAUSAU, Wis. — At the Dec. 2 Economic Development Committee meeting, staff updated members on the commercial rehabilitation loan program, reporting eight loans closed to date: six making payments as agreed, one on interest-only terms with a property now under offer, and one classified as extremely delinquent. The program balance is approximately $26,000, staff said, and new activity will likely be limited until loans are repaid and the pool is replenished.
Staff noted that two automotive-related loans closed in September and that the city uses late fees and interest-rate adjustments to encourage repayment for delinquent accounts. Committee members had no questions and the update was accepted for the record.
