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WHEDA® to host Economic Development Roundtable in Richland Center

Executive Director Antonio Riley announces increase in income limits for area residents

Madison - Antonio Riley, Executive Director for the Wisconsin Housing and Economic Development Authority, will be taking part in an Economic Development Roundtable luncheon on Tuesday, May 30, at the Ramada Inn White House in Richland Center.

The roundtable begins at 11:30 a.m. and runs until 1:30 p.m. Riley and other WHEDA staff will meet with lenders and other business partners from Richland, Vernon and Crawford Counties to introduce WHEDA's Economic Development programs. State Senator Dale Schultz, who is a member of WHEDA's Board of Directors, will also be at the roundtable.

During the lunch, Riley will announce two significant initiatives being undertaken by WHEDA to increase Home ownership among families of Richland, Vernon and Crawford counties. In these three counties, since 2003, WHEDA has made 134 Home loans, totaling $8,672,847.

These three counties have been identified by WHEDA as rural initiative counties, where the agency will be dedicating additional resources to increase Home ownership and expand its economic development programs, including loan guarantees to farmers.

As a result of the Modernization Bill, signed into law by Governor Jim Doyle, the WHEDA income limit for Richland County borrowers wishing to buy a Home would rise by $17,700 to $68,400 a year. In Vernon County, borrowers income limits will rise by $18,000 to $68,400 a year, and in Crawford County, income limits will rise by $17,800 to $68,400 a year. The economic impact to the area as a result of this increased lending is estimated at $959,690.

"The ability to raise the income limits is a cornerstone of WHEDA's rural initiative to strengthen local economies," said Riley. "WHEDA is also aggressively marketing and expanding its economic development programs to better serve rural Wisconsin."

In addition to the increase in income limits, Riley will also announce the availability of grants to cover down payments and closing costs to eligible WHEDA loan recipients. These grants of up to $5,000 are available in selected rural counties through the Federal Home Loan Bank and are administered by WHEDA.

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.