On November 5, 2018, the Village Board formally suspended the Neighborhood Improvement Loan Program for further review. The program's purpose, administration and outcomes are currently being evaluated. At this time no new applications are being accepted.
Types of Loans Offered
In 2009, a Neighborhood Improvement Loan Program was approved as a pilot program, offering zero-interest deferred loans for 3 loans. The program was recently revised and requires loan installment payments beginning the 25th month after the closing. The payments are allocated across an eight-year period. The loans include:
- Attic improvements for currently uninhabitable space
- Down payment assistance
- Duplex conversion to single-family home
Status Updates & Additional Information
Please check with North Shore Bank in Shorewood for a change in status. Village staff will be reviewing completed applications and providing program status reports to the Village Board. You may contact the Planning and Development Department if you have any questions at 414-847-2640.