WHEDA

News release: Federal changes to support more affordable housing in Wisconsin

February 16, 2021 By MKE Community Journal Leave a Comment

MADISON – Improvements to the federal 4% housing tax credit program will allow WHEDA to recalculate and extend the value of state housing tax credits to fund some 500 additional affordable rental units when the awards are announced this spring.

“Wisconsin communities face a critical shortage of affordable rental housing and every additional apartment helps,” said WHEDA CEO Joaquín Altoro. “WHEDA’s skilled staff identified the opportunity to use changes in the federal program to increase the impact of state housing tax credits and make more housing projects possible.”

Shreedhar Ranabhat, commercial lending manager for WHEDA, said the change will allow WHEDA to provide awards to approximately 70% of the applications it received for the 2021 funding round, up from nearly half of applications it previously projected. For the 2021 round of allocations, applicants submitted projects seeking $16 million in credits for the $7 million available.

The anticipated increase in awards was made possible by a federal COVID relief package approved in late December 2020. The federal legislation included a provision allowing for low- to moderate-income multifamily housing financed with tax-exempt bonds issued after Dec. 31, 2020 to use a fixed 4% federal credit rate. Previously, a credit rate of 3.09% was in place for the federal credits paired with state housing tax credits and applicants for the 2021 round of awards submitted requests with this in mind.

Because the federal credit rate is now fixed at 4%, the credits provide a higher value when converted to equity by investors. To meet critical housing shortages throughout Wisconsin, WHEDA staff are using the new equity formula to recalculate the credits needed for each application. Read more about the process here.

With more equity now available under the 4% federal tax credit program, WHEDA will award only the necessary amount of state tax credits needed to support the submitted project budgets. The result will be a reduced state tax credit award that corresponds to the increased value of federal tax credit equity. Based on project rankings arrived at through WHEDA’s Qualified Allocation Plan, the additional state tax credits will then be awarded to the next most-competitive projects.

WHEDA has allocated the state housing tax credits since the program’s creation in 2018. The program does not subsidize rent directly; rather, it provides allocations of state housing tax credits to developments. Through the sale of the allocated credits to investors, equity is provided to the developers to create qualified affordable housing. Investors are then able to claim the value of the credits as a dollar-for-dollar reduction in taxes owed.

In exchange for receiving state housing tax credits, developers agree to reserve all or a portion of the housing units in the development for low- and moderate-income households; WHEDA currently requires a 30-year period. Any units that are not designated as affordable units may be rented at market rates.

Tax credit developments must meet high design and operating standards and Ranabhat said this will continue to be the case under this year’s extended allocation. Criteria include strong management, excellent development quality, demonstrated market need, provision of supportive services and amenities, proximity to economic opportunities and proper local zoning. The 2021 applications will be reviewed and scored, with results released in spring.

To keep up with information about WHEDA, follow us on Facebook, Twitter and LinkedIn and sign up to receive emails here. Find more news here.

ABOUT WHEDA

For more than 48 years, WHEDA has worked to provide low-cost financing for housing and small business development in Wisconsin. Since 1972, WHEDA has financed more than 78,000 affordable rental units, helped more than 135,000 families purchase a home and provided more than 29,000 small business and agricultural loan guarantees. WHEDA is a self-supporting public corporation that receives no tax dollars for its operations. For more information on WHEDA programs, visit wheda.com or call 800-334-6873.

WHEDA extends deadline for 2021 competitive housing tax credit applications to 12/18/20

December 16, 2020 By MKE Community Journal Leave a Comment

MADISON — The Wisconsin Housing and Economic Development Authority is extending the deadline for 2021 competitive housing tax credit applications to provide additional flexibility and support for affordable housing developers navigating technology changes and COVID challenges.

Deadlines for the federal 9% as well as state 4% and federal 4% programs have been extended to 5 p.m. Dec. 18, 2020. The credits are estimated at a total of $31 million for the upcoming year.

This year’s application incorporates a series of changes developed through a robust public engagement process with developers and community members that included in-person and online meetings as well as an online public survey. The allocation plan reflects greater emphasis on integration of supportive services; rural developments; opportunities for developers from underserved communities; and increased scoring for sustainability features.

Engagement with developers following WHEDA’s transition to a new software platform as well as housing industry challenges related to COVID-19 supported the decision to extend the application deadline to Dec. 18. Developers are encouraged to check for application updates on the 2021 allocating page here.

WHEDA has been the sole administrator for federal housing tax credits in Wisconsin since the program was established in 1986. WHEDA implemented Wisconsin’s state housing tax credit program in 2018. Since 1986, WHEDA has awarded more than $445 million in affordable housing tax credits, resulting in the development and rehabilitation of more than 53,000 units of rental housing for low- to moderate-income families, seniors and vulnerable community members.

The programs do not provide housing subsidies. Rather, tax credits encourage developers to create affordable housing by offering a dollar-for-dollar reduction of income taxes owed by owners/investors in qualified projects for tenants whose incomes are at or below 60% of county median income.

WHEDA awards tax credits to developers who then sell the credits to private investors to obtain funding. Once the housing project is available to tenants, investors can claim the tax credit as a dollar-for-dollar reduction of federal income taxes owed over a 10-year period. The affordable units are reserved for low- and moderate-income households for at least 30 years while other units in the developments may be available at market rates.

Find more detail about the 2021-2022 QAP application here. To keep up-to-date with WHEDA news and information, sign up to receive emails here and follow us on Facebook, Twitter and LinkedIn.

ABOUT WHEDA

For more than 45 years, WHEDA has worked to provide low-cost financing for housing and small business development in Wisconsin. Since 1972, WHEDA has financed more than 75,000 affordable rental units, helped more than 133,000 families purchase a home and provided more than 29,000 small business and agricultural loan guarantees. WHEDA is a self-supporting public corporation that receives no tax dollars for its operations. For more information on WHEDA programs, visit wheda.com or call 800-334-6873.

WHEDA welcomes 2021-22 tax credit applications

November 24, 2020 By MKE Community Journal Leave a Comment

MADISON – The Wisconsin Housing and Economic Development Authority is now accepting applications for the upcoming round of federal and state tax credits, which finance affordable workforce housing.

The application period for the highly competitive 2021-22 housing tax credit programs runs from Nov. 20, 2020 until Dec. 11, 2020. The application process covers federal 9% as well as state 4% and federal 4% tax credits estimated at a total of $31 million for the upcoming year.

“WHEDA appreciates the depth and breadth of knowledge our partners and stakeholders brought to the table as we modified our allocation plan to reflect Wisconsin’s evolving housing needs,” said WHEDA CEO Joaquín Altoro. “We intend to continue listening, learning and innovating as these needs change. Together, we are cultivating an ecosystem that expands equitable housing and economic opportunity throughout Wisconsin.”

Among the highlights of the 2021-22 allocation plan:

A set-aside of 10% of state housing tax credits for developments that provide supportive services for hard-to-house individuals in at least 25% of the units. This provision expands the universe of organizations able to provide rental subsidies in these supportive units to include qualified for-profit organizations;
A set-aside of 25% of state housing tax credits for developments in qualified rural areas;
Increased scoring for sustainability features related to energy efficiency, public transportation and other environmental factors;
Increased scoring for projects that include minority developers; and
Introduction of a “cure period” during which developers may resubmit applications to fix errors that would otherwise result in rejection based on failure to meet minimum standards.

For the 2020 period, WHEDA awarded $31.9 million in federal and state tax credits to create 2,039 affordable housing units. The awards are supporting projects in 23 communities statewide; the application process drew requests totaling $61 million.

The 2021-22 Qualified Allocation Plan, prepared in accordance with Section 42(m)(I)(A)(i) of the Internal Revenue Code of 1986, goes beyond the statutory requirements established through Congressional mandates to address Wisconsin’s changing housing needs.

WHEDA has been the sole administrator for federal Housing Tax Credits in Wisconsin since the program was established in 1986. WHEDA implemented Wisconsin’s state Housing Tax Credit program in 2018. Since 1986, WHEDA has awarded more than $445 million in affordable Housing Tax Credits, resulting in the development and rehabilitation of more than 53,000 units of rental housing for low- to moderate-income families, seniors and vulnerable community members.

Find more detail about the 2021-2022 QAP application here. To keep up-to-date with WHEDA news and information, sign up to receive emails here and follow us on Facebook, Twitter and LinkedIn.

ABOUT WHEDA

WHEDA awards National Housing Trust Funds

July 27, 2020 By MKE Community Journal Leave a Comment

MADISON – Three projects that will provide housing to extremely low-income elderly and disabled residents have been awarded a total of $1.9 million in National Housing Trust Fund financing by the Wisconsin Housing and Economic Development Authority.

The projects, in Ashwaubenon, Bristol and Milwaukee, previously received highly competitive federal 9% or state 4% housing tax credits administered by WHEDA. The housing trust fund awards expand the number of units available to vulnerable residents with incomes at or below 30% of the area median income by addressing the financing gap between what it costs to build the units and rents that are affordable for the residents.

“We are pleased to provide this critical financing to the partners working to build and rehabilitate these properties,” said Joaquín Altoro, WHEDA CEO. “National Housing Trust Funds make it possible to expand housing opportunities for some of our most vulnerable community members. This source of funding supports construction and rehabilitation of housing that would not otherwise be available for extremely low-income households.”

The 2020 awardees include:

Bristol Commons, Village of Bristol, Kenosha County. $719,000. Bear Development. New construction of 48 units, mostly elderly, with 12 Housing Trust Fund units set aside for residents at or below 30% county median income. Eleven units are dedicated as supportive housing with services coordinated by the Kenosha County Veterans Services office. The development totals 40 multifamily units and eight family townhomes and will comply with Wisconsin Green Built Standards for sustainability.

Orchard Ridge, Village of Ashwaubenon, Brown County. $644,957. General Capital Group. The project involves acquisition and rehabilitation of 43 family units with 21 Housing Trust Fund units for residents at or below 30% county median income. Nine of the units are dedicated as supportive housing supported by Brown County Aging and Disability Resource Center and Brown County Veterans Service. The extensive renovation of the existing Section 8 housing site includes electrical, kitchen and bathroom upgrades as well as sitework to provide units with easier access for visitors. Additional financing is being provided by WHEDA.

Chapel Garden, City of Milwaukee, Milwaukee County. $577,786. General Capitol Group. The project involves adaptive reuse of 63 units of mostly elderly units to include 20 Housing Trust Fund units for residents at or below 30 percent of county median income. A total of 13 units will be dedicated as supportive housing for people with permanent physical, sensory and medical disabilities supported by Milwaukee County Aging and Disability Resource Center. Other financial partners in the project include WHEDA, the School Sisters of St. Francis and state and federal Historic Tax Credit equity. The finished 63 unit project will include 59 independent senior units in the renovated St. Joseph Convent building and four workforce townhome-style units with individual entries in the historic St. Jude building.

The Housing Trust Fund financing takes the form of low-cost, subordinated debt. Since the first federal allocation of housing trust funds in 2016, WHEDA has awarded a total of $9.7 million to help advance 112 units that might not have been possible without this funding source. There is no minimum dollar amount for financing requests.

The federal program is funded by a portion of a 0.042% fee on Fannie Mae and Freddie Mac activity to guarantee loans and create mortgage backed securities.

For more information on the National Housing Trust Fund program in Wisconsin including instructions and links to the application form, visit WHEDA.com and search “National Housing Trust Fund.”

To keep up with information about WHEDA resources, sign up to receive emails here and follow us on Facebook, Twitter and LinkedIn.

2021-22 tax credit plan adds emphasis on developer diversity, community sustainability, rural housing

July 13, 2020 By MKE Community Journal Leave a Comment

MADISON – Helpful feedback from developers and community members has resulted in a series of improvements to the Wisconsin Housing and Economic Development Authority’s 2021-2022 plan for administering federal and state tax credits that finance low- to moderate-income housing.

The 2021-2022 Qualified Allocation Plan establishes parameters and priorities for awarding the coming year’s assigned tax credits, including federal 9% and 4% credits as well as state 4% credits estimated at $31 million for the upcoming year. The comments came from in-person and online meetings with WHEDA partners, developers and elected officials as well as an online public survey.

“The 2021-2022 Qualified Allocation Plan reflects WHEDA’s commitment to engage with stakeholders in innovative ways to assure that these affordable housing investments create the greatest benefits,” said WHEDA CEO Joaquín Altoro. “Thanks to the input we received, the plan encourages diversity among participating developers, provides greater consideration for the unique needs of our rural communities and promotes sustainability through energy conservation and other measures.”

Key changes in the application review process include higher scores for projects that:

Strengthen connections between affordable housing and community services;
Increase the supply of rural affordable workforce housing;
Encourage participation by minority and women developers;
Improve the availability of affordable housing with supportive services for veterans;
Respond to housing needs driven by employer expansions;
Increase sustainability through energy efficiency, transportation linkages and other environmental considerations.

The plan also introduces a “cure period” during which developers may resubmit applications to fix errors that would otherwise result in rejection based on failure to meet minimum standards.

For the 2020 period, WHEDA awarded $31.9 million in federal and state tax credits to create 2,039 affordable housing units. The awards are supporting projects in 23 communities statewide following a highly competitive process that drew requests totaling $61 million.

Demand for state and federal tax credits is highly competitive with competing proposals significantly outpacing available funds. Find the 2021-2022 QAP here. To keep up-to-date with WHEDA news and information, sign up to receive emails here and follow us on Facebook, Twitter and LinkedIn.

WHEDA invites community participation to kick off rural affordable workforce housing initiative

July 6, 2020 By MKE Community Journal Leave a Comment

Webinar and comment options available prior to application launch

MADISON – Rural community leaders, employers, affordable housing providers, developers, lenders, planners, policy makers and residents are invited to learn more and provide final input prior to the launch of the competitive application process for the Wisconsin Housing and Economic Development Authority’s rural affordable workforce housing pilot.

A webinar to explain the pilot and larger rural affordable workforce housing initiative will be held July 13 at 1 p.m. Information about the initiative including public comment options can be foundhere; registration for the free webinar is available here.

The pilot will work with stakeholders from at least three rural communities to develop partnerships and processes that ultimately will benefit communities statewide. Participants at listening sessions organized by WHEDA cited many factors contributing to Wisconsin’s shortage of rural, affordable workforce housing including rising construction costs, limited developer interest due to the smaller scale of rural projects; aging housing stock; few affordable rental options; zoning, infrastructure challenges; and limited financing for new construction and renovation projects.

“The complexity of Wisconsin’s rural affordable workforce housing shortage defies easy solutions,” said WHEDA CEO Joaquín Altoro. “If Wisconsin is to thrive, rural communities require supportive policies, players and practices to develop affordable workforce housing. Through the pilot process, WHEDA intends to bring people together to identify barriers and establish shared priorities to move forward.”

WHEDA has committed $10 million to the rural affordable workforce housing initiative, which includes the pilot effort and supplemental financing tools. The initiative is to be funded from the 2019-20 Dividends for Wisconsin Plan and other available funding sources.

The supplemental financing tools are designed to better serve rural communities by overcoming gaps in existing programs. These tools, which will be rolled out over time, include:

Closing cost assistance and rehabilitation financing for single family homebuyers in rural communities;
Multifamily housing gap financing to make up for the difference between construction costs and affordable rents in rural areas;
Small business and economic development loans; and
Community grants and services.

To help target assistance where it is needed most, in consultation with elected officials and others, communities eligible for the pilot must be within a county in which more than 25 percent of the county’s residents reside in a rural area under standards established by the United States Department of Agriculture.

The July 13 webinar will cover the application process, close-to-final scoring methods and anticipated timelines for the rural affordable workforce housing pilot. The discussion also will explain the need for communities to apply with a diverse team of stakeholders to demonstrate geographic, demographic, public and private collaboration.

Consistent with the stakeholder-driven nature of the pilot, the July 13 webinar and final comment period that runs through July 17 are intended to answer questions and iron out any unanticipated issues before the application goes live on July 22. Applications will be due Aug. 31 with participating communities announced in early October.

Additional information regarding the rural initiative, supplemental financing and economic development tools will be made available in the weeks ahead as WHEDA continues to adapt and innovate to address changing community needs. To keep up with information about the pilot and other WHEDA initiatives, sign up to receive emails here and follow us on Facebook, Twitter and LinkedIn.

$31.9 Million in Affordable Housing Tax Credits Awarded for Projects Statewide

April 29, 2020 By MKE Community Journal Leave a Comment

Awards advance affordable housing projects in 23 communities statewide

MADISON – The award of $31.9 million in federal and state tax credits will advance housing opportunity and economic recovery in Wisconsin through creation of 2,039 affordable housing units in the months ahead, Gov. Tony Evers announced Tuesday.

The state and federal housing tax credit awards by the Wisconsin Housing and Economic Development Authority (WHEDA) support housing developments in 23 communities statewide and cap a highly competitive process that drew requests totaling $61 million.

“We have to connect the dots between housing security and economic development for our workforce to keeping kids in the classroom,” said Gov. Evers. “Ensuring folks across our state have access to affordable housing is critically important. These tax credits not only leverage private capital but support good-paying jobs and infrastructure in our local communities.”

WHEDA CEO Joaquín Altoro said WHEDA’s tax credit programs provide an economic boost in communities throughout Wisconsin. The 2020 projects range in size from a 32-unit affordable workforce housing development in Darlington to a 135-unit, family-focused project in Madison.

“The benefits of affordable housing and economic recovery extend statewide and WHEDA continues to innovate and adapt its programs to increase this positive impact,” Altoro said. “It’s important to emphasize that WHEDA is not able to accomplish this work alone. To get these developments off the ground, WHEDA relies on critical partnerships with developers, additional financing sources, local housing groups, community leaders and elected officials.”

Highlights of this year’s state and federal housing tax credit awards include:

A total of $15,986,087 in federal 9% housing tax credits to fund 23 projects with 1,030 low- and moderate-income housing units.
A total of $7,947,444 in state 4% housing tax credits to fund 11 projects with 1,009 low- and moderate-income housing units. The award of the state 4% credits triggers the availability of $7,958,843 in federal 4% tax credits for these projects.
Support for housing in Darlington, Monroe, Bristol, Eau Claire, Wauwatosa, Milwaukee, Cuba City, New Richmond, Fall River, Wisconsin Dells, Mount Horeb, Ashwaubenon, Madison, Sparta, Port Washington, Barneveld, McFarland, Waunakee, Kenosha, Wausau, Sun Prairie, Fitchburg and Oshkosh.

The $15.9 million in federal 9% tax credits are worth some $143 million over the 10-year lifespan of the credits. The state 4% credits are worth some $33 million over a six-year lifespan and the federal 4% tax credits are worth some $72 million over a 10-year lifespan.

The tax credits are not housing subsidies. Rather, the credits provide tax incentives through the Internal Revenue Code that encourage developers to create qualified affordable housing. The developers then sell the credits to private investors to obtain funding. Once the housing project is available to tenants, investors can claim the tax credit as a dollar-for-dollar reduction of federal income taxes owed over a 10-year period.

In exchange for receiving the tax credits, developers agree to reserve a portion of their housing units for low- and moderate-income households for at least 30 years. Remaining units are rented at market rates to seniors and families without income limits.

Federal tax credits are allocated to the states based on population, making household participation in the 2020 Census vital for the state. WHEDA has been the sole administrator for federal housing tax credits in Wisconsin since the program began in 1986. WHEDA also administers the state program. Wisconsin Act 176 was signed into law in 2018 and created the state housing tax credit program that is used in conjunction with the existing federal housing tax credit program.

Tax credit developments must meet high design and operating standards. The scoring system for the awards is referred to as WHEDA’s Qualified Allocation Plan; it includes points for strong management, excellent development quality, demonstrated market need, availability of community services and amenities, proximity to economic opportunities and proper local zoning.

Find details of the 2020 federal and state tax credit allocations here. Keep up with WHEDA news and information by following us on Facebook, Twitter and LinkedIn; sign up to receive emails here.

ABOUT WHEDA

WHEDA CEO to Keynote; Congressional Gold Medal Winner to Receive Distinguished Alumnus Award at MATC Winter Commencement Dec. 13

December 10, 2019 By MKE Community Journal Leave a Comment

WHEDA CEO Joaquin Altoro to Keynote; Congressional Gold Medal Winner William Coffer Jr. to Receive Distinguished Alumnus Award at MATC Winter Commencement Dec. 13

MILWAUKEE (Dec. 10, 2019) – Joaquin Altoro, CEO and executive director of the Wisconsin Housing and Economic Development Authority (WHEDA), will present the keynote speech at Milwaukee Area Technical College’s Winter Commencement at 6 p.m. Friday, Dec. 13, at the Miller High Life Theatre, 500 W. Kilbourn Ave. More than 750 students will graduate from associate degree, technical diploma, apprentice and adult high school programs. William Coffer Jr., who received the Congressional Gold Medal as one of the first African-Americans to enlist in the Marine Corps, will receive a Distinguished Alumnus Award from the college.

MATC President Vicki J. Martin will officially confer the degrees; Lisa Olson, member of the MATC District Board, is scheduled to address the assembly. MATC board members Erica Case and Citlali Mendieta-Ramos also are expected to attend.

Altoro served as vice president of town banking for Town Banking of Delafield before his appointment by Wisconsin Gov. Tony Evers as CEO and executive director of WHEDA this past June. He also served as city plan commissioner for the City of Milwaukee for more than seven years. Altoro is an alumnus of MATC and holds a bachelor’s degree from Cardinal Stritch University.

Coffer was awarded the Congressional Gold Medal for his military service in August. When he completed basic training in 1948, he became one of the first African Americans to serve in the Marines. Because the Marines were heavily segregated at the time, all 20,000 African American Marines recruited between 1942 and 1949 went through basic training at Montford Point Camp in North Carolina. Coffer went on to serve two years in Korea. When he returned from the service, he earned an associate degree from MATC and a bachelor’s degree from Marquette University. He later served as manager at the Milwaukee Housing Authority.

Amanda Ann Szatkowski, who will graduate with an associate degree in accounting, will present the student speech. She also will receive the Outstanding Associate Degree Graduate Award. Sarah Rose Sesterhenn-Lee, who will receive a paralegal studies diploma, will receive the Outstanding Technical Diploma Graduate Award. Keith L. Williams will receive the Outstanding Adult High School Graduate Award.

For more information, call (414) 297-6703.

Wisconsin’s largest technical college and the most diverse two-year institution in the Midwest, Milwaukee Area Technical College is a key driver of southeastern Wisconsin’s economy and has provided innovative education in the region since 1912. More than 35,000 students per year attend the college’s four campuses and community-based sites or learn online. MATC offers affordable and accessible education and training opportunities that empower and transform lives in the community. The college offers more than 150 academic programs; transfer options leading to bachelor’s degrees with more than 35 four-year colleges and universities. Overwhelmingly, MATC graduates build careers and businesses in southeastern Wisconsin. The college is accredited by the Higher Learning Commission, the national standard for academics and student services.

Registration underway for WHEDA Conference 2019

July 26, 2019 By MKE Community Journal Leave a Comment

Madison –Registration is now underway for the Wisconsin Housing and Economic Development Authority (WHEDA) Conference 2019. The conference takes place at the Monona Terrace Community and Convention Center in Madison on Wednesday, September 25, 2019.

“We have enlisted a wide range of highly skilled experts who are equipped to share the very latest industry information with attending developers, syndicators, asset managers, and property managers,” said WHEDA Executive Director Joaquin Altoro. “This highly-anticipated event brings together WHEDA’s amazing partners who are dedicated to expanding housing opportunities and small business growth all across Wisconsin.”

Speakers and panelists will discuss important items like WHEDA’s new State Housing Tax Credit program, expanding rural community development, Opportunity Zones, combatting NIMBYism, a Washington D.C. update, and much more.

There will also be a full day Tax Credit Compliance workshop that provides an overview of housing tax credits and related compliance requirements. As space is limited, individuals interested in this workshop must reserve a seat at the time of conference registration. In addition to the Tax Credit Compliance workshop, there will be many other topics of interest for asset managers and property managers.

Cofounder and CEO of Team Rubicon Jake Wood will deliver the keynote address. As a leading veteran advocate, Wood speaks around the country on the issues facing returning veterans. He played football for the Wisconsin Badgers for four years and was twice selected to the Academic All-Big Ten football team.

Our special guest, President and CEO and majority shareholder of Ross Business Development Mary Ross will discuss how to successfully manage properties set aside for low-income families.

To learn more and to register for the conference, go to https://www.wheda.com/theconference/.

For over 45 years, WHEDA, as an independent state authority, has provided low-cost financing for housing and small business development in Wisconsin. Since 1972, WHEDA has financed more than 73,000 affordable rental units, helped more than 129,600 families purchase a home and made more than 29,000 small business and agricultural loan guarantees. For more information on WHEDA programs, visit wheda.com or call 800-334-6873.

Raynetta Hill of CommonBond Communities joins WHEDA board

July 18, 2019 By MKE Community Journal Leave a Comment

Madison – Raynetta Hill, Regional Manager of Property Management and Advantage Services for CommonBond Communities, has been appointed to serve as a member of the Wisconsin Housing and Economic Development Authority (WHEDA) Board of Directors.

CommonBond Communities provides homes and supportive services for those most in need with a vision of a day where every person has access to a stable home. Ms. Hill oversees the Wisconsin property portfolio directing property management and wraparound services advocating for stabilizing families in affordable housing while working to expand real estate acquisition and development portfolios.

“Promoting community and economic vitality in both rural and urban communities have been the foundation of my professional career,” said Hill. “It is essential that statewide we continue to focus on a platform that prioritizes sustainable housing, support to local businesses, encourages growth in the agricultural sector, and foster diverse communities. I am excited and looking forward to learning and contributing to WHEDA’s mission and values.”

Hill served as Associate Director for the Historic Business Improvement District No. 8 in Milwaukee, focusing on revitalization efforts within the commercial corridor while building high level engagement with residents, businesses and stakeholders to eliminate blight in urban neighborhoods.

For close to a decade at National Management, formally Sylvan Development, Hill led a diverse portfolio throughout the entire state of Wisconsin stretching from Racine to Marathon County. As operations manager at National Management, she understood the need for quality housing especially in rural Wisconsin. Active in the community, Hill volunteers in numerous Milwaukee sponsored events that focus on stability in marginalized communities, specifically targeting the positive impact of women and children. Hill also serves on and is involved in many committees related to local community service.

WHEDA board members include the Secretary of the Wisconsin Department of Administration (or designee), the CEO of the Wisconsin Economic Development Corporation, and six public members nominated by the governor and appointed by the state senate. In addition, two state senators, one from each party and selected by senate leadership, and two state representatives, one from each party and selected by assembly leadership, also serve on the WHEDA board. Members serve staggered four-year terms.