New program to provide low-interest loans to eligible homeowners to make structural repairs and energy efficiency updates

MADISON - Gov. Tony Evers, together with the Wisconsin Housing and Economic Development Authority (WHEDA), today announced the new More Like Home™ Repair and Renew Loan program to help owners of older homes make critical repairs and improvements that increase energy efficiency, safety, and security. The More Like Home™ Repair and Renew Loan program is the fourth and final program to emerge from the historic $525 million housing legislation signed into law by Gov. Evers last year, one of the largest investments in workforce housing in state history. The governor’s announcement today comes as Gov. Evers and the Evers Administration are highlighting National Clean Energy Week this week.

The More Like Home™ Repair and Renew Loan program provides low-interest loans between $5,000 and $50,000 to owners of houses more than 40 years old. Homeowners can use these loans to finance crucial structural repairs and energy-efficiency updates such as roofing, insulation, plumbing, electrical, heating, and air conditioning. Loans are available through WHEDA’s participating lenders.

“Expanding access to safe, reliable, affordable housing across Wisconsin is a critical part of our work to address our state’s pressing workforce challenges while also connecting the dots to ensure our kids, workers, and families can be successful and thrive,” said Gov. Evers. “Through this program, we are reinvesting in our older housing stock to stabilize property values and make housing safer, more stable, and more secure for Wisconsinites in every corner of our state.”

Today’s announcement builds upon longstanding efforts of Gov. Evers and the Evers Administration to expand access to safe, reliable, and affordable housing statewide. The More Like Home™ Repair and Renew Loan program is part of a concerted statewide effort by Gov. Evers to create more affordable housing statewide, which is a critical part of the governor’s efforts to help address the state’s generational workforce challenges by expanding available and affordable workforce housing across Wisconsin.

For years, Gov. Evers has proposed robust provisions and investments in expanding access to housing statewide, including it in the 2023-25 biennial budget. The governor was glad to have the Wisconsin State Legislature join him in supporting this critical effort, and the budget signed by Gov. Evers provided one of the largest state investments in workforce housing-$525 million-in state history, including measures to fund the Infrastructure Access, Vacancy-to-Vitality, and Restore Main Street programs. These programs were created in 2023 as part of a bipartisan package of bills Gov. Evers signed to utilize the funds allocated in the budget to help expand access to safe, affordable housing for working families.

“About 60 percent of single-family homes in Wisconsin were built before 1984, and many need substantial repair or energy-efficiency investments. The More Like Home loan provides the funding needed at an affordable rate to ensure homeowners can make the repairs that enhance property values, improve health, and prevent displacement due to insurance loss,” said WHEDA CEO and Executive Director Elmer Moore Jr. “Programs like this play a crucial role in sustaining and enhancing communities, improving quality of life, and promoting social and economic stability. Every house built before 1984 becomes more of a home when we care for its character, history, and memories.”

According to WHEDA, rising construction costs are the primary contributor to today’s shortage of owner-occupied housing, and from 2010 to 2017, construction costs increased significantly, leading to fewer homes being built. New housing becomes more expensive when construction costs increase, as does existing housing due to increased repair and replacement costs.

Wisconsin seniors are among the most vulnerable populations to experience the financial challenges of owning an older home. When older homeowners can make high-cost repairs, they can remain in their homes longer, all the while increasing property value and giving seniors the security they need.

WHEDA is the administrator of the $100 million Vacancy-to-Vitality program, the $100 million Restore Main Street program, and the $275 million Infrastructure Access loan program. The application cycle for these three programs is now open, and WHEDA will accept applications for these programs until Oct. 25, 2024, at 11:59 p.m. Loan awards will be announced mid-December. For additional details on these awards, visit WHEDA’s website here.

More information about the More Like Home™ Repair and Renew Loan program is available here.  

An online version of this release is available here.