$16.7 Million Dividends for Wisconsin Plan Equals Impact
Funds set for rural workforce housing pilot, economic development initiatives
MADISON, WI – A $16.7 million plan focused on affordable housing and economic development gained final approval from the Wisconsin Housing and Economic Development Authority (WHEDA) board on June 17, as members directed spending toward a rural affordable workforce housing pilot, financing for underserved markets and small business lending.
On June 16, WHEDA’s amended 2019-20 Dividends for Wisconsin Plan gained approval from the Joint Committee on Finance, a key step towards WHEDA board action to direct the funds into spending categories. Money for the $16.7 million plan comes from WHEDA’s own operations.
“WHEDA’s Dividends for Wisconsin Plan equals impact,” said WHEDA CEO Joaquín Altoro. “From adaptive projects such as the rural, affordable workforce housing pilot to innovative small business lending to local grants that focus on supportive housing, the amended 2019-20 Dividends for Wisconsin Plan will advance new approaches to critical challenges.”
Altoro expressed thanks to the board, Gov. Tony Evers, members of the Joint Committee on Finance and stakeholders in communities statewide for working toward common goals identified in the plan.
“WHEDA is grateful for the trust and partnerships that helped generate ideas and ultimately will produce results,” Altoro said.
The plan provides funding resources in the following categories:
- Closing cost assistance for WHEDA single family mortgages;
- Multifamily housing gap financing;
- Small business and economic development loans; and
- Community grants and services.
Additional information regarding the rural initiative, gap lending and economic development tools will be made available in the weeks ahead as WHEDA continues to adapt and innovate to address changing community needs. To keep up with information about WHEDA resources, sign up to receive emails here and follow us on Facebook, Twitter and LinkedIn.
For more than 45 years, WHEDA has worked to provide low-cost financing for housing and small business development in Wisconsin. Since 1972, WHEDA has financed more than 75,000 affordable rental units, helped more than 133,000 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.