Loan is secured by a mortgage against the borrower's residence. Program is designed to provide qualified LMI households in the City of Manitowoc with assistance in removing sources of lead-based paint. Households in units constructed prior to 1978, and with children 6 years old and under are high program priorities. Project is done in conjunction with the Manitowoc County Health Department and the State of Wisconsin. Loan Amount and Terms.
Loan is repaid when borrower sells, transfers or conveys any interest in the property.
Loan portion of project is secured by a mortgage against the borrower's residence. Borrower must be an owner occupant, or land contract buyer of property,and occupy the property on a year-round basis as their principal residence. In the case of a land contract, the seller must join the buyer in signing the program mortgage. Borrower must have owned and occupied the unit for at least 3 months prior to applying for a City loan. To calculate household income, current income is projected forward for 12 months.