Housing package would redirect millions from past workforce housing initiatives

A series of bills aimed at addressing what lawmakers called a “crisis” in the lack of workforce housing would redirect tens of millions of dollars from past workforce housing initiatives.

Wisconsin in 2023 set aside $525 million for affordable housing development loans aimed at growing the state’s housing stock and getting new homebuyers into housing. But some of the programs included haven’t seen significant use two years down the road. 

The last state budget set aside $100 million for the main street housing rehabilitation revolving loan funding program. Rental property owners could get up to $20,000 per rental unit for upgrades on apartments above retail spaces. But Sen. Dan Feyen during an Assembly Housing and Real Estate Committee public hearing yesterday said only $19 million of that has been doled out so far...

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Leo’s notes: Wisconsin lawmakers are reworking unspent housing funds to spur ownership and expand options for working families. The proposed bills would redirect millions toward condo conversions, first-time homebuyer loans, and new workforce housing TIF districts—an encouraging sign of renewed focus. Still, it is worth noting that real progress will depend on aligning these incentives with local zoning reform and sustained funding.

Ken Notes: I wish we could use these funds for just two thing. First allow communities to buy land and plan affordable neighborhoods with a mix of smaller affordable homes, schools, retail, and amenities. Second work with banks to create low interest for lower cost homes. Imagine a 3% rate on 150 to 200K homes for first time buyers or seniors downsizing. These two programs could be game changing in workforce housing.