WHEDA Grant Assistance Helps Rural Wisconsin Residents Realize the Dream of Homeownership

Madison (July 18, 2006) - The Wisconsin Housing and Economic Development Authority (WHEDA®) has grant assistance dollars to help first-time Homebuyers in rural Wisconsin cover down payment and closing costs, including Homebuyer counseling and education expenses.

Funding for this housing assistance was made possible through a $420,000 grant WHEDA received from the Federal Home Loan Bank of Chicago (FHLBC) earlier this year. Grant monies were made available to potential first-time Homebuyers beginning in February 2006 in the following counties: Ashland, Bayfield, Crawford, Langlade, Menominee, Richland, Sawyer, Shawano, Vernon, Washburn, and Waupaca.

WHEDA Executive Director Antonio Riley and Associated Bank loan officer Clayton Kohlhaas will be meeting with new Homeowner Charmaine Tryon-Petith on Tuesday, July 20 at her new residence located at 308 5th Ave. E. in Ashland. The gathering will celebrate the purchase of Tryon-Petith's new Home and congratulate her on being the first Homebuyer in Wisconsin to receive this special WHEDA grant assistance.

"In Wisconsin we are committed to providing our residents with broad access to affordable housing," said Riley. "This grant will help many first-time Homebuyers in rural areas achieve their dream of Homeownership."

WHEDA identified these rural counties during its strategic planning process as areas not normally targeted for this type of housing assistance.

"Funding for this type of housing assistance normally comes through a competitive grant process. Many non-profit housing agencies in rural counties do not have the staff capacity to write grant applications and to manage funding programs," said Riley. "These funds will help increase Homeownership opportunities in rural areas."

"We at Associated Bank are pleased that this grant funding is available as an additional resource to help our customers," said Kohlhaas. "We are also proud to be able to work with WHEDA in a variety of ways to make Homeownership a reality to more people here in Wisconsin."

WHEDA partnered with Anchor Bank of Madison, a member lender of the Federal Home Loan Bank of Chicago to win this award. WHEDA has collaborated with FHLBC member lenders and local housing counseling agencies for outreach and Homebuyer education in each of the 11 counties. Eligible first-time Homebuyers seeking this housing grant assistance must follow these requirements:

meet specific income guidelines
attend Homebuyer education
use a WHEDA mortgage to purchase their Home
obtain a WHEDA mortgage through a FHLBC member lender

The Federal Home Loan Bank of Chicago is a government sponsored enterprise providing housing finance to over 880 member commercial banks, savings institutions, credit unions, and insurance companies in Illinois and Wisconsin.

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.