Gov. Evers and WHEDA Announce Six Developments to Receive Affordable Housing Funding
Nearly $4 Million in Funding to Support 149 Housing Units Statewide
MADISON — Governor Tony Evers, in partnership with the Wisconsin Housing and Economic Development Authority (WHEDA), has announced the allocation of nearly $4 million in funding for six affordable housing developments across Wisconsin. This funding comes from the Vacancy-to-Vitality, Restore Main Street, and Infrastructure Access loan programs, established through the historic state funding signed into law by Gov. Evers in 2023. This initiative follows one of the largest investments in housing in Wisconsin's history, with $525 million allocated in the biennial budget enacted last year.
"Expanding access to affordable housing is crucial for addressing our state’s workforce challenges and for attracting and retaining talent," said Gov. Evers. "I am proud to have signed one of the largest investments in affordable housing in our state’s history, and I am grateful to our partners at WHEDA for swiftly implementing these investments, which will significantly impact both rural and urban communities in Wisconsin."
Two notable projects, Marathon Flats in Neenah and The Hampton in Whitefish Bay, will benefit from both the Vacancy-to-Vitality and Infrastructure Access loans. Each development is eligible for a $1 million Vacancy-to-Vitality loan. Additionally, Marathon Flats will receive approximately $401,000 for infrastructure installation, while The Hampton will receive approximately $469,000 for the same purpose.
The Restore Main Street loans will support two projects aimed at rehabilitating upper-level housing in buildings with commercial ground floors. B Affordable Living in Clintonville will receive $80,000, and State Street Redevelopment in Milwaukee will receive $120,000, together providing 12 new housing units.
In Sawyer County, the Impact Hayward Homes project is set to receive a $400,000 loan for infrastructure to support a 40-unit workforce housing development. In Barron County, the Patriot Acres development in Rice Lake will add 50 single-family housing units, supported by a $472,000 Infrastructure Access loan.
“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. "We encourage developers, government agencies, and property owners, especially in rural areas, to apply in the next funding cycle in October 2024. The interest has been strong, and we look forward to projects that will further enhance access to safe, stable housing in Wisconsin."
Earlier this year, two projects from the first funding round have already begun. The Canyons, a 60-unit complex in Dane County, broke ground this week, with 51 units designated for those earning less than 60% of the area median income (AMI). Derby Apartments, formerly Summit Ridge Apartments, will open in September 2024, restricting 59 of its 70 units to individuals earning between 30% and 60% of AMI, with a preference for local veterans.
These awards are part of Gov. Evers’ statewide effort to enhance affordable housing opportunities for Wisconsin residents. WHEDA administers the $100 million Vacancy-to-Vitality, $100 million Restore Main Street, and $275 million Infrastructure Access loan programs, with applications accepted semi-annually.
For more information on WHEDA visit WHEDA.com
John Reuter
Broker/Owner
Integrity Homes
608.669.4226
Real Broker, LLC
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