Redevelopment Loan Program

 

The DeForest Community Development Authority is excited to introduce a Redevelopment Loan Program (RLP) providing low-interest loans and grants to help businesses and property owners in specific geographical areas (Project Areas A and B, see maps to the right) within the Village of DeForest. Applications for the RLP are subject to program eligibility criteria and project guidelines. An overview of the program can be found below. 

 

Program Goals

The main goal of the RLP is to provide financial incentives to encourage property owners to invest in the repair and rehabilitation of commercial property.

Additional RLP goals include: 

  • Promoting private investment in commercial properties through the use of public incentives.
  • Increasing the property tax base in and around Project Areas A and B through investment in income producing properties.
  • Stimulating and fostering economic and business development in and around Project Areas A and B.
  • Retaining and expanding business and employment opportunities through economic development and construction activity.

 

Applicant Requirements

Grants and funding awards are given at the discretion of the CDA Board based upon review of the Applicant’s compliance with eligibility requirements, program objectives, borrowing risk and eligible construction activities. The complete list of parameters and applicant eligibility can be found within the application found at the bottom of this page.


Eligible Activities

All construction undertaken using RLP funds must be in accordance with a design that has been reviewed and approved by CDA staff to ensure program compliance. Applicants are responsible for obtaining all necessary permits and for complying with all applicable ordinances and building codes. RLP funds may be used for the following eligible activities:

  • Improvements to the structure’s exterior elements.
  • Improvements for disabled citizens.
  • Interior structural improvements and first-floor non-residential tenant improvements that are permanent in nature.
  • Building system improvements.
  • Fees and other project related expenses, such as design, architectural or engineering costs, title
    insurance, and recording fees.

 

 Loan Payment Requirements

  • Payments may be deferred through project completion and, upon request from borrower, up to 60 days following, at the discretion of the Loan Review Committee. This is a delay in starting

payments, only. Interest will begin to accrue upon fund disbursal.

  • Applicant must undertake all loan repayments and must comply with all requirements established in the loan and development agreements.

 

For a complete overview of the Redevelopment Loan Program (RLP) and/or to apply complete the application: Village of DeForest Redevelopment Loan Program Application