WHEDA Launches New Financing Tools
Partners with developers, municipalities, and employers to increase housing opportunities
By Raechelle Belli, WHEDA Public Affairs Program Manager and Samantha R. Linden, WHEDA Legislative Liaison
The Wisconsin Housing and Economic Development Authority (WHEDA) is dedicated to helping our workforce, families, and seniors find a home. Our legislative priority was creating and advocating for a housing package to help Wisconsin thrive by expanding affordable housing choices.
In 2023, WHEDA’s Legislative Program team facilitated unprecedented advocacy work on a package of proposals called the Bipartisan Workforce Housing Package. Democrats and Republicans united to address Wisconsin’s affordable housing crisis. Governor Tony Evers signed the $525 million package into law in June 2023 to help expand access to safe, affordable housing.
WHEDA administers the four loan programs created by the new legislation. This funding will significantly impact the construction and rehabilitation of affordable housing for rent and ownership in Wisconsin. Public and private partnerships between municipalities and developers will leverage both groups’ expertise and financial resources, as was the intent of the legislation.
The four programs created by this legislation help fund infrastructure investments, housing units above main street buildings, converting vacant commercial buildings into housing, and rehabilitating and repairing older housing stock.
Infrastructure Access Loan ($275 million) – allows a residential housing developer to apply for a loan to cover the costs of installing, replacing, upgrading, or improving public infrastructure related to workforce housing or senior housing.
Restore Main Street Loan ($100 million): This loan allows an owner of rental housing to apply for a loan to cover the costs of improving housing located on the second or third floors of an existing building with commercial space on the ground level.
Vacancy-to-Vitality Loan ($100 million) – allows a developer to apply for a loan to help cover the cost of converting a vacant commercial building to workforce housing or senior housing.
Home Repair and Rehab Loan (Home R&R Loan) ($50 million) – provides up to $50,000 loans to homeowners who own a house at least 40 years old to repair and/or rehabilitate their home.
To learn more about these new WHEDA loan programs, visit wheda.com.
Two programs, Restore Main Street and Vacancy-To-Vitality, soft-launched last fall. The first $3 million in awards, announced on January 31, 2024, supported the creation of over 300 units in three developments in Dane and Waukesha counties. All three awards were for the Vacancy-to-Vitality program, which helps developers cover the cost of converting a vacant commercial building to housing.
The Infrastructure Access Program opened in March 2024, and applications closed on April 30. WHEDA also opened Restore Main Street and Vacancy-to-Vitality for a second round of applications. In the summer of 2024, WHEDA will announce funding awards for all three loan programs.
WHEDA is currently developing the Home R&R program, which enables property owners to access up to $50,000 to improve Wisconsin’s aging single-family, owner-occupied housing stock. Repairs and rehabilitation actions could include removing lead paint, asbestos, mold, or other environmental contamination or repairing or replacing flooring, interior walls, ceilings, or plumbing. This new loan will be available in the fall.
Advocating for housing requires the support of many. WHEDA joined many advocates to create and introduce the Bipartisan Housing Package and thanks its partners for their tremendous support of this legislation to help increase housing inventory and lower housing costs.
