WHEDA Announces $462,500 Line of Credit for NHS of Beloit

WHEDA® Announces $462,500 Line of Credit for NHS of Beloit

Credit extension to Beloit and other members of national NeighborWorks® network

Beloit - The Wisconsin Housing and Economic Development Authority (WHEDA®) announced the extension of its line of credit program last Friday. WHEDA Executive Director Antonio Riley spoke about the program that will provide Neighborhood Housing Services (NHS) of Beloit with a $462,500 line of credit in order to build, acquire, and rehabilitate area homes for low to moderate income first-time home buyers.

"WHEDA is excited to extend the line of credit program to NHS of Beloit through 2010," said Riley. "Their ongoing efforts to further boost affordable housing for low to moderate income first-time homebuyers in Rock County made this line of credit an easy decision for us at WHEDA."

The WHEDA program provides a 2-year, 2 percent interest line of credit for housing corporations like NHS of Beloit to leverage the construction or acquisition of affordable housing projects.

NHS of Beloit was one of three Wisconsin members of the national NeighborWorks® network to receive the line of credit program from WHEDA. Neighborhood Housing Services (NHS) of Richland County and NeighborWorks® Green Bay are the other two agencies involved in the credit extension. The three agencies have built, acquired, or rehabilitated a total of 22 homes with the WHEDA credit program.

NHS of Beloit last received the line of credit in December 2005. They have used the credit to produce five new infill homes in the city of Beloit, all of which have been sold. The agency will use the renewed WHEDA credit program to finance similar projects around Beloit in 2008-2009.

"Over the past 2 years, WHEDA’s line of credit has allowed us to make a very positive impact on our local neighborhoods by helping to finance new homes for first-time home buyers," said NHS of Beloit Executive Director Christine Schlichting. "The credit extension through 2010 gives us additional options to restore and strengthen other neighborhoods throughout the Beloit community."

First-time home buyers intending to use a WHEDA mortgage to purchase their home must meet specific WHEDA income guidelines.

NHS of Beloit is a private, not-for-profit organization that works with public and private partners to build the Beloit community through programs that support homeownership, residents, and community development. For more information on NHS of Beloit, visit the web site www.nhsofbeloit.com.

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.