A housing forum will be held in Appleton May 29 to help local government officials, builders, investors and real estate professionals understand how to use new workforce loans administered by the Wisconsin Housing and Economic Development Authority.
A 2023 legislation package created the new programs and the forum is intended to prepare communities for the October application period. There is no cost to attend, but registration is required at https://housingnowcoalition.com/forum/
The Infrastructure Access Loan program provides loan funding to cover the costs of installing, replacing, upgrading, or improving public infrastructure related to workforce housing or senior housing. These costs are typically covered by the developer.
Borrowers can apply for up to 20 percent of the total development cost of residential housing and related infrastructure at a low-interest rate of three percent, or one percent in municipalities with a population of fewer than 10,000 or for senior housing.
According to the Wisconsin Builders Association, excessive and outdated regulations add over $93,000 to the final price of a new home, increasing the total by nearly 24 percent. As a result, the legislation requires municipalities and developers to collaborate when applying for funding.
Along with the Infrastructure Access Loan program, WHEDA is also administering funding for two other loan programs that have emerged from the workforce housing legislation—the Restore Main Street and Vacancy-to-Vitality loam programs. WHEDA will accept applications semi-annually, in the spring and in the fall, for all three loan programs until all funds are distributed to eligible affordable housing projects.
