Press Release
WHEDA awards National Housing Trust Funds
$1.3 million to support creation of extremely low-income housing
MADISON – Three projects that will provide housing to extremely low-income elderly and disabled residents have been awarded a total of $1.3 million in National Housing Trust Fund financing by the Wisconsin Housing and Economic Development Authority (WHEDA).
The projects, in Madison, McFarland and Fond du Lac, previously received state and
federal 4% housing tax credits administered by WHEDA. The housing trust fund awards expand the number of units available to vulnerable residents with incomes at or below 30% of the area median income by addressing the financing gap between what it costs to build the units and rents that are affordable for the residents.
The 2021 awards include:
- Fourteen02 Park, City of Madison, Dane County. $500,000. Movin’ Out and Rule Enterprise. This project includes new construction of 150 units, open for a mix of residents, with 30 Housing Trust Fund units set aside for residents at or below 30% county median income. The finished project includes a large commercial space on the first floor intended for a grocery store.
- The Waterford, Village of McFarland, Dane County. $485,000. Northpointe Development. This project includes new construction of 49 units of family and senior housing, with six Housing Trust Fund Units set aside for residents at or below 30% county median income.
- Brook Street Lofts, City of Fond du Lac, Fond du Lac County. $344,829. Commonwealth and Wisconsin Partnership for Housing Development. This project involves adaptive reuse of an industrial and commercial building for 62 units of family housing. A total of 13 Housing Trust Fund units are set aside for residents at or below 30% county median income.
The Housing Trust Fund financing takes the form of low-cost, subordinated debt. Since the first federal allocation of housing trust funds in 2016, WHEDA has awarded a total of $12.5 million to help advance 193 extremely low-income units that might not have been possible without this funding source. There is no minimum dollar amount for financing requests.
The federal program is funded by a portion of a 0.042% fee on Fannie Mae and Freddie Mac activity to guarantee loans and create mortgage-backed securities.
For more information on the National Housing Trust Fund program in Wisconsin including instructions and links to the application form, visit National Housing Trust Fund Page.
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ABOUT WHEDA
For more than 48 years, WHEDA has worked to provide low-cost financing for housing and small business development in Wisconsin. Since 1972, WHEDA has financed more than 78,000 affordable rental units, helped more than 135,000 families purchase a home, and provided more than 29,000 small business and agricultural loan guarantees. WHEDA is a self-supporting public corporation that receives no tax dollars for its operations. For more information on WHEDA programs, visit wheda.com or call 800-334-6873.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
Mentioned in This Press Release
Government: City of Madison, Dane County, Fond du Lac County, Wisconsin Housing and Economic Development Authority
Neighborhoods: Northpoint
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