Wisconsin’s 2023-25 Biennial Budget and Housing

The 2023-25 biennial budget enacted last week included one of the largest state investments in workforce housing – $525 million – in state history. A brief summary is outlined below.

• $50 million in one-time funds to the Wisconsin Housing and Economic Development Authority (WHEDA), which can be used to support a housing rehabilitation program to offer grants or forgivable loans to low- to moderate-income households to renovate or repair their current home and address hazards like lead and mold;
• $275 million in one-time funds for the newly created Residential Housing Infrastructure Revolving Loan Fund at WHEDA to provide low-interest loans that support the creation of new affordable and senior housing;
• $100 million in one-time dollars to fund the newly created Main Street Housing Rehabilitation Revolving Loan fund at WHEDA to provide low-interest loans to improve rental workforce housing on the second or third floor of existing buildings;
• $100 million in one-time funding for the newly created Commercial-to-Housing Conversion Revolving Loan Fund at WHEDA to provide loans for the conversion of vacant commercial buildings to new residential developments of workforce or senior housing; and
• Increasing the limit on notes and bonds that WHEDA can issue that are secured by a capital reserve fund from $800 million to $1 billion to continue to finance projects supported with an allocation of state and federal housing tax credits.