Housing Funding

Bay-Lake RPC Contact:

Sydney Swan, Economic Development Planner
Phone: (920) 448-2820, Ext. 108
Email: SSwan@baylakerpc.org

Multi-Family Housing Direct Loans

https://www.rd.usda.gov/programs-services/multi-family-housing-direct-loans

What does this program do?
This program provides competitive financing for affordable multi-family rental housing for low-income, elderly, or disabled individuals and families in eligible rural areas.

Who may apply for this program?
This program assists qualified applicants that cannot obtain commercial credit on terms that will allow them to charge rents that are affordable to low-income tenants. Qualified applicants include:

  • Individuals, trusts, associations, partnerships, limited partnerships, nonprofit organizations, for-profit corporations and consumer cooperatives.
  • Most state and local governmental entities.
  • Federally-recognized Tribes

Borrowers must have legal authority needed to construct, operate and maintain the proposed facilities and the services proposed

How may funds be used?
Construction, improvement and purchase of multi-family rental housing for low-income families, the elderly and disabled individuals is the primary objective for this program.

Funding may also be available for related activities including:

  • Buying and improve land
  • Providing necessary infrastructure
  • For a complete list see Code of Federal Regulations, 7 CFR Part 3560.53.

Who may live in the rental housing?

  • Very-low income to moderate-income families or individuals (1)
  • Elderly people aged 62 or older
  • People with disabilities

What kinds of funding are available?
Direct, competitive loans

What are the loan terms?

  • Up to 30 year payback period
  • Lowest rate at either the time of loan approval or loan closing will be used
  • Contact your local RD Office for details and current interest rates applicable for your project

How do we get started?
Applications for this program are accepted on an annual basis. A Notice of Funding Availability (NOFA) is posted in the Federal Register.

Wisconsin Program Contact
Rural Multi-Family Housing Programs
5417 Clem’s Way
Stevens Point, WI 54482
Phone: 715-345-7624
E-mail: RD.MFH.SO@wi.usda.gov

USDA.png

Rural Housing Site Loans in Wisconsin

http://www.rd.usda.gov/programs-services/rural-housing-site-loans/wi

What does this program do?
Rural Housing site loans provide two types of loans to purchase and develop housing sites for low- and moderate-income families:

  • Section 523 loans are used to acquire and develop sites only for housing to be constructed by the Self-Help method. Refer to RD Instruction 1944-I for more information about the Self-Help program
  • Section 524 loans are made to acquire and develop sites for low- or moderate-income families, with no restriction as to the method of construction.  Low-income is defined as between 50-80% of the area median income (AMI); the upper limit for moderate income is $5,500 above the low-income limit

Who may apply for this program?

  • Section 523 loans: Private or public non-profit organizations that will provide sites solely for self-help housing
  • Section 524 loans: Private or public non-profit organizations.  The building site may be sold to low- or moderate-income families utilizing USDA’s Housing and Community Facilities Program’s (HCFP) loan programs, or any other mortgage financing program which serves low- and moderate-income families
  • Non-profits that have the legal authority to operate a revolving loan fund
  • Non-profits that have the financial, technical and managerial capacity to comply with relevant federal and state laws and regulations
  • Federally-recognized Tribes

How may funds be used?
Site loans are made to provide financing for the purchase and development of housing sites for low- and moderate-income families.

What are the terms of the loans?

  • 2-year loans
  • Section 523 loans: 3% interest rate
  • Section 524 loans: market rate -- at the discretion of the customer, either at loan approval or closing

Wisconsin Program Contact
Rural Single Family Housing Programs
5417 Clem’s Way
Stevens Point, WI 54482
Phone:  715-345-7611
E-mail: RD.SFH.SO@wi.usda.gov

USDA.png

Housing: Tax Credits and Lending

WHEDA
https://www.wheda.com/

WHEDA.png

 

WHEDA Foundation, Inc. announces 2019 Housing Grant Program Competition

The Wisconsin Housing and Economic Development Authority (WHEDA) and the WHEDA Foundation, Inc. announce the availability of grant funds through the 2019 WHEDA Foundation Housing Grant Program competition.

Grant funds totaling $1 million will be awarded to support the development and improvement of housing facilities for low-income persons at risk for homelessness. The fund will support two separate housing competitions: an emergency/transitional housing category and a permanent housing category.

Eligible applicants include nonprofit organizations or cooperatives organized under Chapters 181, 185, or 187 of the Wisconsin Statutes; community development, redevelopment and housing authorities; and local units of government, including Native American tribal authorities. 

Applications are due on August 23, 2019. The maximum grant award available is $40,000. 

For more information about the WHEDA Foundation Housing Grant Program competition and to view the application materials, go to https://www.wheda.com/Housing-Grant-Program/.