WHEDA® Unveils Expansion of Rural Initiative Program to Barron, Burnett and Polk Counties

Executive Director also announces $1.6 million in Dept. of Commerce housing grants for Northwest Wisconsin counties

Madison - During a roundtable visit with lenders in Barron County today, Antonio Riley, Executive Director of the Wisconsin Housing and Economic Development Authority, announced WHEDA's expanded rural initiative, as well as new funding for 17 counties in northwestern Wisconsin.

"In Wisconsin, we are committed to providing our residents with broad access to affordable housing," said Riley. "In many of our rural counties, people's wages have not kept up with the cost of housing."

WHEDA's rural initiative also will promote the development of affordable multifamily housing, including those targeted towards senior citizens, as well as its economic development programs.

WHEDA recently expanded the counties in its targeted rural areas to include Polk, Burnett and Barron counties, bringing the number of counties involved in the initiative to 28. First-time Homeowners in these counties are now eligible for down payment and closing cost assistance up to $7,000 from WHEDA and the Federal Home Loan Bank.

"It's important to us that we extend these opportunities to as many people as possible," said Riley. "We have had great reception with our lender partners, as well as other partners here in the North. In fact, in WHEDA's targeted areas, we've already seen a 21% increase in lending to first time Homebuyers."

From 2003 to date, WHEDA Home lending rose from $9.9 million to $31.2 million in rural areas.

Department of Commerce Grants

In addition to announcing WHEDA's rural initiative plans, Riley announced more than $1.6 million in Department of Commerce Homebuyer program funds, which help low- and moderate- income persons purchase or rehabilitate single family Homes.

The three housing-related agencies which received the awards are:

Indianhead Community Action Agency, Inc. received $657,339 to provide eligible households in Burnett, Clark, Rusk, Sawyer, Taylor, Washburn and Price Counties with purchasing assistance, as well as make required Home repairs to meet code or minimum housing quality standards.
Northwest Affordable Housing, Inc. received $335,824 to provide purchasing and Home repair assistance to eligible households in Ashland, Bayfield, Burnett, Douglas, Iron, Price, Rusk, Sawyer, Taylor and Washburn counties.
West Central Wisconsin Community Action Agency received $628,340 to provide eligible households in Barron, Chippewa, Dunn, Pepin, Pierce, Polk and St. Croix Counties with Home buying assistance, as well to make required Home repairs to meet code or minimum housing quality standards.

Commerce's Home and Housing Cost Reduction Initiative Homebuyer programs help low- and moderate-income persons purchase or rehabilitate single family Homes.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. For more information on WHEDA's housing programs, call 1-800-334-6873 or browse this web site.