WHEDA’s Milwaukee office is moving to near south side

From left to right - WHEDA Board Chairman Ivan Gamboa, WHEDA Executive Director Wyman Winston and owner of Keystone Development Cal Schultz.

The Wisconsin Housing and Economic Development Authority (WHEDA) Milwaukee office is moving from its current location at 140 S. 1^st Street at the end of the year. WHEDA Executive Director Wyman Winston yesterday announced the new WHEDA Milwaukee office will be located in the building that houses the Mercantile Lofts, a WHEDA-financed development, at 611 W. National Avenue. 

“WHEDA has always maintained a strong commitment to the city of Milwaukee and has had an office located in the city since 1990,” said Winston. “We believe the presence of WHEDA in the near south side neighborhood is expected to have a significant affordable housing impact in one of Milwaukee’s fastest growing areas.”

“I’m thrilled that WHEDA’s new Milwaukee office will be on National Avenue,” said WHEDA Board Chairman Ivan Gamboa. “This is one of the most diverse areas of the city. Reasonably priced space is available. There’s a lot of vehicle traffic. More entrepreneurs are taking notice. The WHEDA office will add to the ongoing revitalization of this neighborhood.”

WHEDA’s Milwaukee history dates back to October of 1990 when Governor Tommy Thompson announced that WHEDA would lend $10 million to home buyers in Milwaukee’s central city neighborhoods over three years. The Heart of Milwaukee initiative was created, a closing cost assistance program to help low-income families with the upfront costs of financing a home. 

In June of 1992 Governor Thompson announced that the pledge to lend $10 million to home buyers in Milwaukee had been kept in 20 months, over a year ahead of schedule.

Mercantile Lofts preserved the stunning "Mural of Peace" by Milwaukee artist Reynaldo Hernandez.

WHEDA’s dedication to Milwaukee significantly increased under Governor Scott Walker. In April 2012 Governor Walker unveiled Transform Milwaukee,  a public-private partnership focusing on restoring economic prosperity to the industrial, residential and transportation areas connecting the city of Milwaukee's 30th Street Industrial Corridor, Menomonee Valley, Harbor District, Riverworks, and the Aerotropolis (south of General Mitchell Airport).  WHEDA has worked with federal agencies, private foundations, the city of Milwaukee, and state agencies to package resources that help grow businesses, create jobs and improve Milwaukee neighborhoods.  

Since Governor Walker announced Transform Milwaukee WHEDA has invested $212 million in the Transform Milwaukee area resulting in $426 million in total development.

WHEDA’s new Milwaukee office will be located in the building that houses the Mercantile Lofts, a 36-unit multifamily development that received a $6,572,376 construction loan and $5,400,000 in permanent financing from WHEDA. The project preserved the stunning “Mural of Peace” by Milwaukee artist Reynaldo Hernandez that is visible to northbound drivers on I-43.

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 programs, visit  www.wheda.com or call 1-800-334-6873.