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Commission denies homeowner’s request to increase renovation-loan forgiveness after closed-session deliberation
Summary
A homeowner asked the commission to increase renovation-loan forgiveness from 10% to 35% to keep their asking price lower; the commission convened in closed session under Wisconsin Statute Section 19.85, then returned and voted to deny the request (motion carried after 4–2 vote).
A homeowner appearing before the Economic and Community Development Commission asked the body to increase the forgiveness portion of a renovation loan from 10% to 35% to keep the sale price of their house more affordable.
Mr. Woodard presented photos and a letter attached to the agenda and said the additional forgiveness would allow him to target an asking price of $199,000 rather than around $209,000, which he said could keep the sale within reach of lower-income buyers. "If this was approved, my target price... would be $199,000. If we didn't approve this, it would be more in the $209,000 range," Woodard said.
After asking the applicant to speak and taking procedural questions, the commission voted to enter closed session under Wisconsin Statute Section 19.85 to deliberate the matter. The commission returned to open session and a motion to deny the request to increase forgiveness from 10% to 35% was made and seconded; the motion to deny carried following recorded votes in open session.
The commission did not approve the requested change to forgiveness terms. Staff said existing loan-language allows approximately 10% forgiveness upon payment in full and that larger increases are considered exceptional.
