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Redevelopment Authority reports $1.5 million uncommitted for housing, rehab fund at $247,000
Summary
Waukesha Redevelopment Authority staff reviewed loan-fund balances and repayment activity, reporting a roughly $1.5 million uncommitted development fund, about $247,000 in the affordable housing rehabilitation fund and ongoing repayments that will replenish loan pools.
Waukesha Redevelopment Authority staff reported on the status of several affordable-housing loan programs at a public meeting; staff said the authority currently holds an uncommitted development-fund balance of about $1,500,000 and $247,000 in the single-family affordable-housing rehabilitation fund.
The presentation, delivered by staff member Jeff, summarized balances across programs and recent inflows tied to an audit extension. Jeff said the extension produced an inflow that — per the authority's policy and state statute — is allocated 75% to the affordable housing development fund and 25% to the affordable housing rehabilitation program. “So now with that, that fund is up to $247,000 on that one,” Jeff said of the rehabilitation fund.
Why it matters: the development fund provides gap financing for new construction and the rehabilitation fund pays for owner-occupied home repairs. Staff said the development fund is intended for gap financing and construction assistance to create new units; the rehab fund covers repairs or critical maintenance for existing owner-occupied homes.
Details presented to the authority included: - Rental rehab program balance: about $337,000. - Affordable housing rehabilitation program balance: about $247,000. - Uncommitted affordable housing development fund balance: about $1,500,000. - Storefront activation program: ARPA-funded and fully committed by the end of last year. - Regular repayments: a large multifamily project (identified in the presentation by staff) pays roughly $64,000 in principal and interest annually into the programs.
Staff also described near-term inflows from closings on several construction loans that are expected to return roughly $400,000 to the authority in May, which staff said will allow outgoing construction-loan commitments to be balanced without reducing the $1.5 million uncommitted development balance. The authority discussed timing for Tax Increment Financing (TIF) and other district closings as possible future funding sources; staff said one large district could produce a substantial increment when it closes and that the authority reviews each district as it nears closing to decide whether to extend or repurpose funds.
Authority members asked whether other development financing programs could be stacked with the redevelopment authority funds. Staff noted programs administered by the Waukesha Economic Development Authority (WEDA), TIFs and other state-level changes that may allow stacking in the future if pending legislation advances. Staff cautioned that the schedule for TIF/TID closings and any new state bill remain subject to separate approvals and timelines.
The presentation closed with staff noting steady monthly repayments and a plan to preserve a portion of the development fund for larger future projects.
