Developers and municipalities in Wisconsin now have $275 million in funding newly available to them to cover the cost of installing, replacing, upgrading or improving public infrastructure related to affordable senior housing or workforce housing.
The new Infrastructure Access Loan funding program covers costs that typically are paid for by the developer. According to the office of Gov. Tony Evers (D), borrowers can apply for up to 20% of the total development cost of residential housing and related infrastructure at an interest rate of 3%. For municipalities with populations of fewer than 10,000 people requesting a loan for senior housing, the interest rate is capped at 1%.
“We made one of the largest state investments in state history in our most recent budget, and I’m excited to see this program and others supporting housing partners across our state,” Evers said Tuesday in a statement. “Expanding affordable workforce and senior housing is critical to addressing our state’s workforce challenges and building an economy and workforce that can meet the needs of the 21st century.”
The program “gives us yet another opportunity to add much-needed affordable housing throughout the state by helping developers and municipalities reduce the cost of development — a price that is normally passed on to working individuals, families and seniors in their rent or mortgage,” Wisconsin Housing and Economic Development Authority CEO and Executive Director Elmer Moore Jr. said in a statement.
WHEDA is accepting applications semi-annually until all funds are distributed to eligible projects. Applications for the current funding cycle are due April 30. The award plan posted online lists the anticipated funding cycle
