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Development: Financing Tools

Federal Home Loan Bank of Chicago (FHLB)
111 E. Wacker Dr.
Chicago, IL 60601
Phone: 312-565-5725
http://www.fhlbc.com

The FHLB provides several loan and grant programs to assist in the creation of affordable housing, including the Affordable Housing Program (AHP) and the Community Investment (CIP) Program.


Rural Development/Rural Housing Service (RD)
U.S. Department of Agriculture
5417 Clem's Way
Stevens Point, WI 54482
Phone: 715-345-7620 or 715-345-7600
http://www.rurdev.usda.gov

Rural Development Community Facilities loan and limited grant funds can be used to construct, enlarge, or improve community facilities. Assisted living facilities are eligible projects for the Community Facilities program. Eligible applicants must be Public Bodies, Nonprofit Corporations, Indian Tribes, Associations or Cooperatives. The project must be located in a rural area or town of not more than 20,000 people.

Rural Development Multi-Family program provides loans to fund construction, acquisition or rehabilitation of congregate housing and group homes. Congregate housing is residential housing for persons or families who are elderly or have handicaps or disabilities. Congregate housing typically consists of private apartments and central dining facilities in which a number of services are provided to the tenants. Services required are one meal/day for 7 days/week, transportation to shopping, services, medical facilities, routine housekeeping, nonmedical personal services (bathing, dressing) recreation ad social activities.

Group housing is housing occupied by tenants who are elderly or have handicaps or disabilities sharing living space within a rental unit in which a resident assistant may be required.


U.S. Dept. of Housing and Urban Development (HUD)
Henry Reuss Federal Plaza
310 W. Wisconsin Ave., #1380
Milwaukee, WI 53203-2289
Phone: 414-297-3214
http://www.hud.gov

HUD FHA 232 mortgage insurance available to HUD approved private lenders to finance construction or rehabilitation of nursing homes, intermediate care facilities, Board and Care Homes, assisted living facilities; must house at least 20 residents and have at least 5 efficiency or 1-BR units.

HUD also has a grant program that allows for the provision of a multifamily housing service coordinator. It allows multifamily housing owners to assist elderly residents and resident with disabilities to obtain needed supportive services from the community; to prevent premature and unnecessary institutionalization; and to assess individual service needs, determine eligibility for public services, and make resource allocation decisions which enable residents to stay in the community longer.

Eligible applicants are owners of Sections 202 and Section 202/8 existing Section 8 projects with project-based assistance (Add moderate rehabilitation developments including Rural Housing Service Section 515/8 and 221(d)(4) projects); Section 202 projects as defined under 24 CFR Sections 277 and 885, 221(d)(3) below-market interest rate and 236 projects, which are insured or assisted.


WI Division of Housing
Department of Administration
101 E. Wilston St., 5th FL
P.O. Box 7970
Madison WU 53707-7970
Phone: 608-267-7838
Fax: 608-266-5381
http://housing.wi.gov

The Rental Housing Development (RHD) Program assists eligible housing organizations, including Community Housing Development Organizations (CHDOs), with funds to develop affordable rental housing. For-profit corporations may partner with the above-mentioned groups or directly apply for these funds.  HOME RHD funds may be used in conjunction with projects in which WHEDA funds and/or tax credits are utilized. For more information contact Kate Blood; 608-264-7838; kate.blood@wisconsin.gov.

Other DOH rental housing programs include:

  • HOME HRR

The HOME Homebuyer and Rehabilitation (HHR) Program provides funding to eligible non-profit housing organizations, including Community Housing Development Organizations (CHDOs),  local units of government, and federally-recognized American Indian tribes to assist eligible households with home purchase and with needed rehabilitation.  The HHR Program provides assistance with rental rehabilitation for properties up to four units, where one unit is owner-occupied.  The HHR Program also funds CHDO development activities, including rental construction up to four-unit buildings. For more information contact Betty Kalscheur; 608-267-6904; betty.kalscheur@wisconsin.gov.

The CDBG – Housing funds may be directed by a grantee to rehabilitate local rental units for low and moderate income tenants. Rental unit owners are offered a 0% loan, with negotiated monthly payments and term. The owner must agree to rent a minimum of 75% of the units to low and moderate income tenants for five years, or the term of the loan, whichever is less.  For more information contact Joanna Schumann; 608-261-6535;joanna.schumann@wisconsin.gov.


Wisconsin Health and Educational Facilities Authority (WHEFA)
18000 W. Sarah Ln., Ste. 140
Brookfield, WI 53045-5843
Phone: 262-792-0466
http://www.whefa.com

Tax exempt bond financing for constructing, equipping and refinancing capital projects undertaken by not-for-profit health care facilities, including skilled nursing, CBRFs, RCACs, and CCRCs. Usually a minimum loan amount of $1.5 million required.


Wisconsin Housing and Economic Development Authority (WHEDA)
201 W. Washington Ave., Ste. 700
P.O. Box 1728
Madison, WI 53701-1728
Phone: 1-800-334-6873 or 608-266-7884
http://www.wheda.com

WHEDA offers a variety of financing and other products, for both construction and permanent financing of RCACs, including:

  • tax-exempt bond financing,
  • 9% or 4% Housing Tax Credits (LIHTC/Section 42) financing,
  • an annual grant competition available to not-for-profit entities for developments of frail elderly developments

Wayman Lawrence of Foley & Lardner, Attorneys at Law, reviews the use of tax credits in RCACs in a memorandum "Subsidizing Residential Care Apartment Complexes with Low-Income Housing Tax Credits".

Wisconsin Tax Incremental Financing (TIF)
Tax Incremental Financing (TIF) can help a municipality undertake a public project to stimulate beneficial development or redevelopment that would not otherwise occur. It is a mechanism for financing local economic development project in underdeveloped and blighted areas. Taxes generated by the increased property values pay for land acquisition or needed public works.

 


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Created by the WI Department of Health and Family Services and the WI Housing and Economic Development Authority in partnership with NCB Development Corporation's Coming Home Program, a national program of the Robert Wood Johnson Foundation