Vacancy-to-Vitality 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: $11,319,559 million

Overview: Converts vacant and underutilized commercial properties to housing.

Details: Review the Vacancy-to-Vitality Term Sheet and Award Plan

Application Process

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 converting vacant commercial property to housing and the commercial-to-housing conversion and the residential housing supported by such conversion.   
• In order to receive the Vacancy-to-Vitality low interest rate loan, the development must provide affordable rents, which must remain affordable for at least 10 years following occupancy, or affordable purchase prices for the resulting housing, with affordability requirements to remain in place for 10 years after initial sale.  
• The loan is to go towards the cost of converting a vacant and underutilized commercial space to residential housing. 
• The housing created in the conversion must be new residential housing for rent or for sale and must consist of 16 or more dwelling units. 
• Loans may be used for demolition and construction costs, up to $1 million or 20% of the total project cost, whichever is less.

Upcoming Important Dates:

Please submit questions about the Vacancy-to-Vitality competitive loan to home@wheda.com

Vacancy-to-Vitality Application Materials

• Vacancy-to-Vitality Loan Example Application 
• Vacancy-to-Vitality award plan 
• View the Vacancy-to-Vitality Loan program term sheet 

Loan program resources

• Workforce Home Price Estimator
• Procorem WorkCenter Request Form
• Compliance Manual
• Monitoring Forms
  • Owner's Certificate of Continuing Program Compliance (Form 100)
  • Utilities Information (Form 205)
  • Tenant Income Certification Affidavit (TIC) (Form 300)
• Vacancy-To-Vitality Income-Rent Limits (2025)
• Vacancy-To-Vitality Income-Rent Limits (2024)
• Vacancy-to-Vitality Overview Presentation
• Vacancy-to-Vitality Loan Checklist
• Vacancy-To-Vitality Single Family 140 Percent Income-Rent Limits (2025)
• Vacancy-To-Vitality Single Family 140 Percent Income-Rent Limits (2024)
• Municipality Guide Sheet
• Municipal Housing Solutions (provided by More Housing Wisconsin)
• Frequently Asked Questions 

2025 Spring Award Cycle Winners

Click the name of the project to see more information.