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Six Developments to Receive Funding for Affordable Housing PDF Print E-mail
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Written by GOV Press Wisconsin   
Thursday, 27 June 2024 13:20

appartments-for-rentNearly $4 million in funding will support the development of 149 units statewide.


MADISON — Gov. Tony Evers, together with the Wisconsin Housing and Economic Development Authority (WHEDA), announced today the results of the latest round of competitive funding for the Vacancy-to-Vitality, Restore Main Street, and Infrastructure Access loan programs, developed from the historic state funding signed into law by Gov. Evers in 2023. The biennial budget enacted by Gov. Evers last year made one of the largest investments in housing—$525 million—in state history.

tony-evers“Expanding access to affordable housing is a critical part of our efforts to address our state’s generational workforce challenges and recruit, train, and retain talented folks across our state,” said Gov. Evers. “I’m proud to have signed one of the largest investments in affordable housing in state history, and I’m grateful to our partners at WHEDA for getting these investments out the door, which will have a lasting impact on rural and urban Wisconsin communities alike.”

Marathon Flats, a Neenah senior living development, and The Hampton, a Whitefish Bay workforce housing development, qualify for both Vacancy-to-Vitality and Infrastructure Access loans. Each project is eligible to receive a $1 million loan from the Vacancy-to-Vitality loan program. Marathon Flats is eligible for another approximately $401,000 for eligible infrastructure installation, and The Hampton is eligible for approximately $469,000 for the same purpose.

Two projects are eligible for Restore Main Street loans to rehabilitate housing on the second or third floors of an existing building with commercial space on the ground level. B Affordable Living in Clintonville is eligible for $80,000, and State Street Redevelopment in Milwaukee is eligible for $120,000. Together, these developments will provide 12 housing units.

Impact Hayward Homes is eligible for a loan of $400,000 for infrastructure installation in a 40-unit workforce housing development in Sawyer County. Likewise, Patriot Acres, a single-family development in Rice Lake, will add another 50 housing units in Barron County. Patriot Acres is eligible for a loan of $472,000 from Infrastructure Access funds.

“These funds are creating homes in both rural and urban areas for workers, their children, and our aging population who need a safe, stable place to live and thrive,” said WHEDA CEO and Executive Director Elmer Moore Jr. “Developers, government agencies, and property owners, especially those in rural areas of the state, are urged to apply during the next funding cycle in October 2024. Interest has been strong, and we are excited to receive applications for projects that will generate access to more safe, stable housing in Wisconsin.”

Two projects from the first round of funding announced in January 2024 are already moving forward. The Canyons, a 60-unit complex in Dane County, of which 51 units will be available to those earning less than 60 percent of area median income (AMI), broke ground earlier this week. Six of the units will be set aside for households experiencing or at risk of homelessness. Derby Apartments, formerly known as Summit Ridge Apartments, is scheduled to open in September 2024. Derby Apartments will restrict 59 of its 70 units to those earning no more than 30 percent to 60 percent of AMI, with preference given to local veterans through the Dane County Veterans Service Office.

These awards are part of a concerted statewide effort by Gov. Evers to create more affordable housing for Wisconsin’s residents. WHEDA is the administrator of the $100 million Vacancy-to-Vitality, $100 million Restore Main Street, and $275 million Infrastructure Access loan programs, all of which are available for application semi-annually.

For additional details on these awards, visit WHEDA’s website here.

 
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