Wisconsin Partnership for Housing Development (WPHD) is pleased to announce the completion of two affordable homes in the Look West neighborhood in Janesville. These two homes will be made available for sale to income qualified buyers.
The homes are two of three that have been completed in 2017 by WPHD. One home has already been sold and is occupied by a family who had previously rented in the Janesville area.
Construction and renovation of these homes was made possible because of a combination of federal and private funds. The City of Janesville made HOME and CDBG funds available to WPHD to subsidize this work. Forward Community Investments made a loan to WPHD to support the project development, and Associated Bank provided a grant to WPHD to make the projects possible. “Multiple funding sources are required to develop affordable housing,” said Kathy Kamp, Executive Director of the Wisconsin Partnership for Housing Development. “The availability of affordable housing, is critical for the economic health of Wisconsin communities and requires a combination of federal funding and local support.”
“Associated Bank is committed to fostering stronger, healthier and more stable communities where we live and work, and we are proud to support WPHD and their work in revitalizing Janesville neighborhoods,” said Michael Finn, commercial real estate senior manager.
WPHD has been working in the Look West and Fourth Ward neighborhoods since 2009, purchasing and renovating vacant homes, returning them to the tax roles and making home ownership possible for 14 families. This work has been done in collaboration with the City of Janesville who made federal funding available for neighborhood revitalization in these two areas of the city.
The results have been astonishing. The average sale price for homes in the Look West neighborhood has almost doubled, from a median sales price of $31,056 in 2009 to $60,000 in 2016. The combined value of the 15 homes that have been completed by WPHD increased from $475,000 to $765,000.
ABOUT WISCONSIN PARTNERSHIP FOR HOUSING DEVELOPMENT
Wisconsin Partnership for Housing Development (WPHD)was formed in 1985 to promote access to affordable housing throughout Wisconsin. We operate down payment and rehab loan programs that allow individuals and families to purchase and remain in safe and decent housing. We also develop housing, working with each community to assist in the development of the housing that best meets their needs. As a result, we have a wide range of development experience across the state. WPHD has offices in Madison, Waukesha, and Milwaukee.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $29 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
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