The City of Menomonie has seen $210,000 invested into homeownership in its Home Sweet Menomonie home loan program.
Twenty-one applications have been processed since the zero-interest program began in January. Ten program participants have closed on their homes while the other 11 continue to search for the right place.
The loan assistance program provide up to $10,000 in down payment assistance to employees of participating businesses. Loans are amortized over a flexible schedule at no interest and the final year payment may be forgiven if improvements are made to the home by the owner.
“We want to be proactive, no reactive when it comes to dealing with workforce attraction and retention issues we’re seen in the past couple of year,” Menomonie Mayor Randy Knaack said in a release.
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Home Sweet Menomonie was create by the City of Menomonie, the Greater Menomonie Development Corporation, the Community Foundation of Dunn County and local employers. The goal of the program is to attract and retain skilled people to work and plant roots in the community. Participating employers include the School District of Menomonie Area, Andersen Corporation, Cedar Corporation, Royal Credit Union, 3M, WESTconsin Credit Union and City of Menomonie.
“We believe that providing a down payment assistance program will help people working in Menomonie become more rooted and connected to the community,” City Administrator Lowell Prange said. “This program may also keep young professionals in the city.”
More information on the Home Sweet Menomonie program can be found at www.menomonie-wi.gov/hsm.