Gov. Tony Evers, together with the Wisconsin Housing and Economic Development Authority (WHEDA), announced in a recent press release that two new loan programs, Restore Main Street and Vacancy-to-Vitality, are now available and expected to spur the development of new affordable housing units across the state.
Both programs were created earlier this year as part of a bipartisan package of bills Gov. Evers signed to help expand access to safe, affordable housing for working families.
The Restore Main Street Loan Program provides loan funding for building owners to cover the costs to improve housing located on the second or third floors of an existing building with commercial space on the ground level. Borrowers can apply for up to $20,000 per housing unit or 25% of the total rehabilitation cost at a low-interest rate of 3% or 1% in municipalities with a population of less than 10,000.
The Vacancy-to-Vitality Loan Program allows a developer to apply for a loan to cover the costs of converting a vacant commercial building to workforce or senior housing. Developers can apply for up to $1 million or 20% of the total project cost, including land at a low-interest rate of 3% or 1% in municipalities with a population of less than 10,000.
For additional information about the loan programs, click here.
