WHEDA to File Lawsuit; Seeks to Protect Public Assets

WHEDA® TO FILE LAWSUIT; SEEKS TO PROTECT PUBLIC ASSETS

Madison -- (June 17, 2003) - The Wisconsin Housing and Economic Development Authority (WHEDA) later today will file suit in Dane County Circuit Court seeking the return of $94 million of public assets from a private corporation, including $24 million in cash.

"WHEDA is simply trying to restore public assets back to control of the public, and preserve affordable housing for Wisconsin's most vulnerable families," said Antonio Riley, WHEDA executive director.

"WHEDA is in the best position to preserve and judge what's best for low-income and affordable housing, not some private corporation. It's time to regain control of these public funds to protect and secure the long term viability of the program."

WHEDA is Wisconsin's state housing agency, created in 1972 to meet the increasing need for affordable housing.

WHEDA serves Wisconsin residents and communities by working with government, private lenders, communities, and others to provide creative financing resources and information. Its mission is to provide affordable housing for renters and new Homeowners.

Last year, WHEDA provided 3,500 mortgage loans to eligible families and individuals and help create 2,000 multifamily housing units statewide. In total, WHEDA provided over $1 billion of economic benefits statewide.