Monona committee approves renewal of home-rehab loan for Willsley expansion

The City of Monona Finance and Personnel Committee on July 6 approved a renewal of owner-occupied loan funds for Margaret and Veronica Willsley to add a second floor to their single-story ranch at 5516 (the transcript lists both "Desert Hill Road" and "Pheasant Hill Road"). Peter Spector, the city presenter, said the Community Development Authority unanimously approved the project in March 2025 and that the loan amount remains at the program maximum while the project cost is listed at $538,000.

Spector told the committee the property’s 2025 assessed value is $374,000 and said the parcel "falls within the eligibility standards" cited in the staff remarks; the staff language in the record references “563,” but the transcript does not clarify whether that figure refers to $563,000 or another metric. Spector also noted the staff report for this item was not included in the meeting packet and recommended that staff review prior W-2 documentation from an earlier loan award and contact the primary lender because the household’s primary income is from Veronica Wilsey’s self-employment.

The applicant spoke briefly at the microphone and identified herself for the record. She said she now works full time and confirmed that Veronica continues to work for herself. Committee members asked whether recent employment changes affected underwriting concerns; the applicant said the new employment lessened some concerns but Spector reiterated that self-employment warranted further documentation.

Committee member (S2) moved to approve the renewal; the chair (S1) seconded and the motion carried by voice vote. The committee took no formal action in the meeting record to change loan program terms. The staff report omission and the recommendation for additional income verification were recorded on the public record for follow-up.