Wisconsin recognizes the value of multi-family housing communities in their state: The Wisconsin Housing and Economic Development Authority announced Monday establishment of a $915,000 revolving loan fund for the preservation and revitalization of low-income, multifamily rental housing throughout rural Wisconsin.
The loan fund, provided by the U.S. Department of Agriculture (USDA), allows WHEDA to allocate loans to rural multifamily developments that integrate low-income rental housing for families and individuals, including the elderly and persons with disabilities.
WHEDA recently used the loan fund to close on its first deal, Palmyra Park Apartments, and anticipates that two more will close by the end of the year.
This is the first time that WHEDA has received financing from USDA for a rural loan fund.
WHEDA expects to close on an additional $2.1 million from USDA in January 2009.
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