WHEDA Announces $462,500 Line of Credit for NeighborWorks® Green Bay

Credit extension to Green Bay and other members of national NeighborWorks® network

Green Bay - 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 NeighborWorks® Green Bay 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 NeighborWorks® Green Bay 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 NeighborWorks® of Green Bay to leverage the construction or acquisition of affordable housing projects.

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

NeighborWorks® Green Bay last received the line of credit in 2006. In each case, the credit was used to renovate homes that were formerly distressed multifamily rental properties and converted them back to single family units. Three projects have been completed, two of which have sold. The agency will use the renewed WHEDA credit program to finance similar rehab projects in 2008-2009.

"Over the past 2 years, WHEDA’s line of credit program has been a great tool to help us implement our rehab resale program in the Green Bay area," said NeighborWorks® Green Bay Executive Director Noel Halvorsen. "With this credit extension, we look forward to renovating additional homes for working families in our community."

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

NeighborWorks® Green Bay is a nonprofit corporation that aims to strengthen neighborhoods and improve lives by revitalizing housing, enhancing neighborhood character, and promoting and preserving homeownership.

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.