What is the Warhawk Real Estate Foundation?
The Warhawk Real Estate Foundation (WREF) is a subsidiary of the UW-Whitewater Foundation, Inc. Both are entities legally separate from the University of Wisconsin - Whitewater. WREF is responsible for managing the real estate holdings of the UW-Whitewater Foundation.
How does the Down Payment Assistance Program work?
An eligible UW-Whitewater employee may apply to purchase one of the lots owned by the WREF. The WREF will agree to take $20,000 less than the appraised value of the lot, provided that the employee signs a grant agreement at the closing of the sale of the property. This agreement will forgive the $20,000 over the course of five years provided that the employee builds and resides in the home constructed on the lot, and retains employment at the University. This $20,000 would be viewed by the bank as equity when putting together a construction loan.
Where are these lots?
These lots are in the Blooming Field Subdivision on the northwest side of town. As you head north on Tratt Street / County Highway N, it will be on your left.
Who is eligible to participate?
All UW-Whitewater employees are now eligible for the program regardless of where they are currently living.
How do I apply to participate in the program?
Please complete and return the preliminary application form, indicating your preference of lots. The choice of preferences will be determined on factors such as whether or not the seller would place any contingencies on the sale of the property, the "high demand" nature of the employee's position, and the date of the application. Employees will be notified if they have been chosen to participate, and an official offer to sell the lot will be drawn up by the WREF attorney. At the time of closing, the employee must sign the official grant agreement indicating the grant conditions. A draft of the agreement will be provided to the employee beforehand for review.
Will the WREF or the University have access to my financial data such as my credit report?
At no point in time will either the WREF or the University have access to any employee financial data. That will be between the employee and their bank. If the employee cannot complete the purchase of the lot for any reason, no questions will be asked.
Do I have to work with a certain bank?
While the WREF has had conversations with First Citizens State Bank and Commercial Bank in Whitewater to explain the program, the employee may use any bank of their choosing.
What if another appraisal values the property at a lesser amount?
If another appraisal values the property at a lesser value, the WREF will agree to take $20,000 less than the new value.
Does the grant agreement place a lien on my property?
No, the grant agreement is a personal agreement and does not place a lien on the employee's property.
How long do I have to start construction on the property?
The employee must commence construction one year from the date of the closing on the property otherwise the WREF has a right to purchase the property back for the original purchase price.
Do I have to work with certain builders?
No, the choice of a builder is completely up to you. We have resources available to help you select a builder.
When do I have to begin residing in a house on the property?
The employee has two years from the date of the closing on the property to complete construction and reside in the constructed house, otherwise the five year window on the grant agreement will be extended until the employee meets these conditions.
Under what circumstances will I owe the WREF money?
Within five years of the signing of the grant agreement, if the employee either sells the home, or ceases to be employed by the University for any reason, the employee will owe a prorated portion of $20,000 grant back to the WREF.