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Conversion Grant Program - UNAVAILABLE
PROGRAM TEMPORARILY UNAVAILABLE
We apologize for any inconvenience. The Conversion Grant Program is currently being reviewed and modified to cover more projects. Please check back January 1, 2021.
This program grants an owner up to $10,000 to restore a multifamily property to its original single-family use. This program also encourages home ownership by offering an extra $5,000 deferred payment loan to those individuals that are owner occupants. A grant of 25% of the conversion and rehabilitation cost, up to $10,000, is available for qualifying projects.
This program aims to reduce density and to restore homes to their original design intent.
- Property to be rehabilitated must be located in the City of Green Bay.
- Structure must have originally been constructed as a single-family home.
- Structure to be rehabilitated must require improvements in order to convert the property from a multi-family to a single-family.
- Applicant is not eligible to participate in the conversion program if he/she has received a housing-related citation in the one-year prior to the City receiving his/her application. This restriction is valid for one year after the resolution of the citation.
- If the building(s) to be rehabilitated are of historical or archaeological significance to the State Historical Society, National Advisory Council for Historic Preservation, or the City of Green Bay, the applicant must secure necessary state, federal, and/or local approvals as determined by the City of Green Bay.
- Work started prior to application is not considered eligible.
- Owners who will be occupying the home upon completion of the project are eligible for an extra differed payment loan.
- The Redevelopment Authority of the City of Green Bay reserves the right to deny any applicant a grant or loan based on the applicant’s ability to provide adequate information needed to determine eligibility, as determined by the staff of the City of Green Bay.
- Applicant must certify that upon completion of the rehabilitation the structure will be code-compliant as verified by the City of Green Bay Inspection Division.
- Applicant must provide, at a minimum, 75 percent private rehabilitation investment for each 25 percent of conversion grant, with a maximum grant of $10,000.
- Applicant of an owner-occupied structure must retain hazard insurance on the mortgaged property for the duration of the loan. If the rehabilitated property is located within the 100-year flood plain, acceptable flood insurance must also be provided. Loan applicant must include the City of Green Bay as a named insured on the policy.
- Applicant of an owner-occupied structure must agree to pay (before they become delinquent) all taxes, assessments, or other charges that may be levied against the mortgaged property.
- Applicant must provide, at a minimum, 75 percent private rehabilitation investment for each 25 percent of conversion grant, with a maximum grant of $10,000.
- Terms of the loan provided to owner-occupants upon completion of project will be as follows:
- Deferred loan with 0 percent interest
- Total principal is due upon sale or transfer of the property
- Loan will be secured by a mortgage executed by all parties
- Maximum loan amount is $5,000
- Conversion program funds will be disbursed only after private matching funds have been expended and acceptable documentation of said expenditures is received by the City of Green Bay.
- Applicant will have 6 months in which funding will be held to complete the project.
- Applicant may request 1 extension, the length of which will be determined by staff of the City of Green Bay.