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Waukesha redevelopment loan funds replenished; development fund holds about $1.5 million uncommitted
Summary
Redevelopment Authority staff reported repayments and a recent extension that substantially replenished affordable housing accounts; rental rehab and home-rehab pools remain more limited, and staff described opportunities to stack other programs with local gap financing.
Redevelopment Authority staff reported that recent repayments and a one-year extension on a prior loan have materially replenished several of the authority’s affordable housing accounts, leaving the affordable housing development fund with roughly $1.5 million in uncommitted funds.
The update was presented at a Redevelopment Authority meeting where staff described balances across multiple program accounts and noted recent inflows. "With that one year, we brought in $937,000," the presenter said, adding that under the authority's policy 75% of that amount goes to the affordable housing development fund and 25% — "per state statute" — goes to the affordable housing rehabilitation program.
Why it matters: the development fund is used for gap financing and construction assistance to create or preserve…
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