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Restore Main Street Loan Program

Restore Main Street Competitive Loan

Assembly Bill 265, now 2023 Wisconsin Act 15

Funding available: $100 million

Rehabs second and third-floor rental housing over commercial space.

Competitive application cycle open for Restore Main Street APPLICATIONS DUE APRIL 30, 2024

WHEDA will accept applications semi-annually until all funds are distributed to eligible projects. Review the award plan for the anticipated funding cycles. 

For property owners to apply:

  • The relevant local governmental unit must have made changes to applicable zoning ordinances, subdivision regulations, or other land development regulations to increase development density, expedite approvals, reduce impact fees, or reduce parking, building, or other development costs with respect to the eligible project on or after January 1, 2023. Reference the municipality guide sheet to learn more about the critical role cities, towns, and villages play with this new loan program.
  • The governmental unit must have updated the housing element of its comprehensive plan within the last 5 years.
  • All other development funding must be secured, and all necessary permits and approvals have been obtained for the main street rehabilitation and the residential housing supported by such rehabilitation.
  • In order to receive the Restore Main Street low interest rate loan, the development must provide affordable rents, which must remain affordable for at least 10 years following occupancy,
  • The housing must be located in a building at least 40 years old that is vacant or underutilized with no significant improvements to the second or third floors within the past 20 years. 
  • Loan amount may not exceed $20,000 per dwelling unit or 25% of the total housing rehabilitation project costs, whichever is less.

Key dates for the competitive loan cycle:

March 28, 2024

Competitive application cycle opens

April 19, 2024

Deadline to submit Procorem Workcenter request forms

April 30, 2024

Applications are due to WHEDA

June 2024

Funding allocation announced

 

Please submit questions about the Restore Main Street competitive loan to home@wheda.com.

 

Restore Main Street Application Materials

Loan program resources