Draft:Wisconsin Housing and Economic Development Authority (WHEDA)
Submission declined on 16 September 2024 by Reconrabbit (talk).
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| Submission declined on 8 May 2024 by KylieTastic (talk). This draft's references do not show that the subject qualifies for a Wikipedia article. In summary, the draft needs multiple published sources that are: Declined by KylieTastic 7 months ago.
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| Submission declined on 7 May 2024 by Shadow311 (talk). This submission does not appear to be written in the formal tone expected of an encyclopedia article. Entries should be written from a neutral point of view, and should refer to a range of independent, reliable, published sources. Please rewrite your submission in a more encyclopedic format. Please make sure to avoid peacock terms that promote the subject. Declined by Shadow311 7 months ago. | |
Comment: All of the sources are primary and only indicate that WHEDA exists, not that it is in any way notable or that it has been taken note of by organizations that are not related to the government of Wisconsin. Reconrabbit 15:48, 16 September 2024 (UTC)
The Wisconsin Housing and Economic Development Authority (WHEDA) is a quasi-government entity in the US state of Wisconsin, serving as the State's sole administrator for Federal and State Affordable Housing Tax Credits.
History
[edit]In February 1972, Patrick Lucey, the 38th Governor of Wisconsin, urged the state and federal government, in addition to the private sector, to form a housing authority to address the state's affordable housing shortage.[1]
The Wisconsin Housing Finance Authority (WHFA) was created under Chapter 234[2] by the Wisconsin Legislature. The State of Wisconsin appropriated $250,000 in initial seed money to guarantee that WHFA would be able to meet the state's housing needs.[3]
The Authority initially focused on Multifamily lending and bond-financing lending, and was the first housing authority to coordinate housing with The Department of Housing and Urban Development (HUD) and Farmers Home Administration (FHA).
In 1983, the Wisconsin Housing Finance Authority expanded the scope of its work to economic development projects such as business and agriculture financing as well as grant funding and investment, leading to the change in name from the Wisconsin Housing Finance Authority (WHFA) to the Wisconsin Housing and Economic Development Authority (WHEDA).[4]
Following the creation of the Federal Housing Tax Credit Program with the 1986 Tax Reform Act[5], WHEDA became the sole administrator for Housing Tax Credits in Wisconsin[6], with the administration of Federal Section 8 rent vouchers soon following.
In 2018, Governor Scott Walker signed into law 2017 Act 176, which provided for the creation of a State Program for Low-Income Housing Tax Credits to be administered by WHEDA[7] for the development and rehabilitation of affordable rental housing.
Impact on Affordable Housing
[edit]According to published figures, since 1986 when the Authority began administering Housing Tax Credits, WHEDA has awarded upwards of $560 million in Federal and State Housing Tax Credits, culminating in the development and/or rehabilitation of 58,000+ rental units for those in need. Since 2019, the Authority reports that more than 26,000 housing units have been built statewide with over 17,000 of those being affordable-housing units.[6]
In receiving these Tax Credits, Developers sign agreements to reserve the affordable units at below-market rates for at least 30 years.[8]
Headquarters
[edit]The WHEDA Headquarters is located at 908 E. Main Street in Madison, Wisconsin.[9] The location is a part of a full-block redevelopment plan in downtown Madison.[10]
References
[edit]- ^ ""State of Wisconsin Senate Journal, Eightieth Session"" (PDF). The Wisconsin State Legislature Documents. March 2, 1972. p. 2770.
- ^ "2010 Wisconsin Code Chapter 234 Wisconsin housing and economic development authority. 234.24 System of funds and accounts". Justia US Law.
- ^ ""Chapter 234 Wisconsin Housing And Economic Development Authority"" (PDF). Wisconsin State Legislature.
- ^ "Wisconsin Legislative Fiscal Bureau, Informational Paper 79" (PDF). Wisconsin State Legislature Documents. January 14, 2003. p. 12.
- ^ "What is the Low-Income Housing Tax Credit and how does it work? | Tax Policy Center". taxpolicycenter.org. Retrieved 2024-12-11.
- ^ a b "WHEDA announce new allocation plan for housing tax credit". themonroetimes.com. Retrieved 2024-12-11.
- ^ "Wisconsin Legislature: 2017 Wisconsin Act 176". docs.legis.wisconsin.gov. Retrieved 2024-12-11.
- ^ Newswires, BridgeTower Media (2024-05-20). "Wisconsin developers to get $32.6M in affordable housing tax credits". Retrieved 2024-12-11.
- ^ "WHEDA.com Contact". WHEDA.com.
- ^ "WHEDA Headquarters". Potter Lawson. Retrieved 2024-12-11.
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