WHEDA awards $102 million in stimulus money (3:38 p.m. 10/22/09)
Published: October 22, 2009
The Wisconsin Housing and Economic Development Authority on Thursday gave $102 million in stimulus money to 36 stalled affordable-housing projects throughout the state.
Project developers received affordable housing tax credits from WHEDA in 2008 or 2009. But developers either had difficulty finding investors to buy the credits or, after finding companies that would invest, could not get a high enough payment to finance their developments.
The $102 million awarded Thursday through the American Recovery and Reinvestment Act will go to the projects as loans and grants, rather than credits. Of that amount, $72 million is money the state received from the federal government after trading in the tax credits for cash. The remaining $30 million is in loans.
The largest grant, $9.5 million, went to the Madison YWCA to renovate 99 housing units. The largest loan, $3.84 million, went to the Wisconsin Housing Preservation Corp. to renovate 150 apartments for seniors in Green Bay.
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