Real estate agents are often the first point of contact for people purchasing a home, and the Wisconsin Housing and Economic Development Authority (WHEDA) recognizes their importance to homebuying. Likewise, REALTORS^® can be a resource for developers seeking to purchase property for multifamily housing construction. Either way, both have the same goal — to help our workforce, our families and our seniors find a home. 

One of the WRA’s 2023-24 legislative priorities included increasing Wisconsin’s housing inventory by establishing policies and processes offering opportunities for developers, municipalities and employers. This priority also aligned with WHEDA’s legislative objective to create and advocate for a housing package to help Wisconsin thrive by expanding affordable housing choices.

In 2023, WHEDA’s Legislative Program Team facilitated unprecedented advocacy work on a package of proposals called the Bipartisan Housing Package. Democrats and Republicans united to address Wisconsin’s affordable housing crisis. Gov. Tony Evers signed the $525 million package into law in June 2023 to help expand access to safe, affordable housing.

Advocating for housing requires the support of many. WHEDA and the WRA joined other housing advocates, including the League of Wisconsin Municipalities, the Wisconsin Builders Association, the Wisconsin Towns Association, and the Wisconsin Counties Association to create and introduce the Bipartisan Housing Package.

WHEDA is administering the four newly created loan programs that have emerged from the new legislation. This new funding will have a significant impact on the construction and rehabilitation of affordable housing for rent and ownership in Wisconsin. Public and private partnerships between municipalities and developers will leverage each other’s expertise and financial resources, as was the intent of the legislation.  

Loan programs

The four programs created from this legislation help fund infrastructure investments as well as housing units above main street buildings, convert vacant commercial buildings into housing, and rehabilitate and repair older housing stock.

Infrastructure Access Loan ($275 million)

This program allows a residential housing developer to apply for a loan to cover the costs of installing, replacing, upgrading or improving public infrastructure related to workforce housing or senior housing.

Restore Main Street Loan ($100 million)

This program allows an owner of rental housing to apply for a loan to cover the costs of improving housing located on the second or third floors of an existing building with commercial space on the ground level.

Vacancy-to-Vitality Loan ($100 million)

This loan program allows a developer to apply for a loan to help cover the cost of converting a vacant commercial building into workforce housing or senior housing.

Home Repair & Rehab Loan (Home R&R Loan) ($50 million)

This program provides up to $50,000 loans to homeowners who own a house that is at least 40 years old to repair and/or rehabilitate their home.

Two of the programs, Restore Main Street Program and the Vacancy-To-Vitality, were soft-launched last fall with applications due in December 2023. The first $3 million in awards, announced on January 31, 2024, supported the creation of over 300 units in three developments located in Dane and Waukesha counties. All three awards were for the Vacancy-to-Vitality program, which helps developers cover the cost of converting a vacant commercial building into housing.

The Infrastructure Access Program opened in March 2024, and applications closed on April 30. WHEDA also opened Restore Main Street and Vacancy-to-Vitality for a second round of applications. WHEDA will announce funding awards for all three of these loan programs in June 2024. 

WHEDA is currently developing the Home R&R program, which enables property owners to access up to $50,000 to improve Wisconsin’s aging single-family, owner-occupied housing stock. These improvements could include removing lead-based paint, asbestos, mold or other environmental contamination, or repairing or replacing flooring, interior walls, ceilings or plumbing. This new loan is anticipated to be available in the fall.

WHEDA thanks the Wisconsin REALTORS^® Association for its tremendous support of this legislation that will help increase housing inventory and lower housing costs. We also recognize that the WRA is making strides to inform its members about these programs, which will be immensely helpful as funds are deployed and more housing is brought to market.

WHEDA strongly values its partnership with the WRA. Access to safe, reliable and affordable housing is critical to helping address our housing crisis. Together we have helped bring to fruition one of the largest state investments in workforce housing.