Restore Main Street Competitive Loan

Competitive loan application cycle is open! Applications are due by November 21, 2025.

Total funding: $100 million
Funding awarded as of Spring 2025: $400,000

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

Details: Review the Restore Main Street Term Sheet and Award Plan.

For a developer 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.

Upcoming Important Dates:

October 21, 2025	Fall competitive application cycle opens
November 21, 2025	Fall competitive applications due to WHEDA
December, 2025	Fall competitive loan funding announced
June, 2026	Spring cycle opens

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

Loan program resources