A new program in Wisconsin will provide low-interest loans to eligible homeowners to make structural repairs and energy efficiency updates.

The More Like Home Repair and Renew Loan program provides loans between $5,000 and $50,000 to owners of houses more than 40 years old, Gov. Tony Evers said in a news release.

Homeowners can use these loans to finance crucial structural repairs and energy-efficiency updates such as roofing, insulation, plumbing, electrical, heating and air conditioning. Loans are available through Wisconsin Housing and Economic Development Authority participating lenders.

This is the fourth and final program to emerge from the $525 million housing legislation signed into law by Evers in 2023. It is one of the largest investments in workforce housing in state history, Evers said.

“Through this program, we are reinvesting in our older housing stock to stabilize property values and make housing safer, more stable, and more secure for Wisconsinites in every corner of our state,” the governor said.

About 60% of single-family homes in Wisconsin were built before 1984, and many need substantial repair or energy-efficiency investments, WHEDA CEO and Executive Director Elmer Moore Jr. said.

“Programs like this play a crucial role in sustaining and enhancing communities, improving quality of life, and promoting social and economic stability,” Moore said. “Every house built before 1984 becomes more of a home when we care for its character, history and memories.”

According to WHEDA, rising construction costs are the primary contributor to today’s shortage of owner-occupied housing, and from 2010 to 2017, construction costs increased significantly, leading to fewer homes being built. New housing becomes more expensive when construction costs increase, as does existing housing due to increased repair and replacement costs, Moore said.

More information about the More Like Home Repair and Renew Loan program is available at https://morelikehomeloan.wheda.com/.

Jim Anderson can be reached at 906-774-3500, ext. 226, or janderson@ironmountaindailynews.com.