Madison launches new program to improve rental housing

MADISON, Wis. (WMDX) – City officials are looking to protect existing rental housing in Madison with a new program to help improve rental houses in Madison. The Rental Rehab Program will provide funding to local owners of rental housing to make major repairs, implement energy-saving upgrades, and comply with building codes and regulation.

The funding will only be available to owners of properties who charge no more than “fair market rents,” and will be available in the form of low-cost loans. The amount a property owner is eligible for depends on the number of units for a property. Buildings with 1-6 housing units qualify for up to $75,000, 7-12 up to $150,000, and 13-20 up to $200,000. City officials will waive application fees for the first year of the program, and will offer better loan terms for properties on the north, south, and southwest sides of Madison.

“Our housing crisis requires an all-of-the-above approach,” Madison Mayor Satya Rhodes-Conway said in a press release announcing the program. “While we work to bring more housing to Madison, we must also take care of what we have – not only to preserve our housing supply, but also because all Madison residents deserve to live in safe and decent housing.” 

Madison’s rental housing market has been tight for years, and while new rental housing is constantly being built, the Rental Rehab Program looks to protect the existing rental properties that do exist in Madison.

“The rental rehab program reflects the City’s unwavering commitment to thriving and inclusive communities,” said Community Development Director Jim O’Keefe. “Everyone deserves a safe and affordable place to call home. By partnering with owners of smaller rental properties, we can improve housing conditions in our city today and have a lasting impact on the quality of life in Madison neighborhoods.”

Property owners interested in participating in the rental rehab program should contact the City’s Community Development Division for more information at: [email protected] or (608)-266-4719 and visit www.cityofmadison.com/homeloans.