(608) 266 -7844
WHEDA Loan Application
Round 2
908 E. Main St., Ste. 501
Madison, Wisconsin
53703
Restore Main Street (Act 15) &
Vacancy to Vitality (Act 18)
Please visit the WHEDA Restore Main Street
Webpage for the current Award Plan and Term
Sheet
Please visit the WHEDA Vacancy to Vitality
Webpage for the current Award Plan and Term
Sheet
Instructions for Submission
Instructions: Complete this WHEDA application for Restore Main Street & Vacancy to Vitality loans set forth
under the bipartisan housing legislation package initiated in the 2023-2025 biennial budget. While filling out
the application ensure that all sections relevant to the respective loan product are completed in full. Sections
pertinent to only one act are color corded accordingly. Ensure all Procorem checklist items are included with
submission. Review Reference Documents linked below for assistance with the application. Do not use the
copy/paste function in any part of this application.
Reference Documents
Restore Main Street (RMS)
Vacancy to Vitality (VtV)
The Restore Main Street Loan program is
designed to increase the supply of affordable
apartments for working families. This Program
will have the added benefit of revitalizing vacant
or underutilized floors on the second or third
floors above an existing ground floor commercial
space. Funding will be provided by WHEDA
through a low-interest loan that is subordinate
to other funding sources, as described in the Act.
Please refer to the term sheet for origination
fees, loan structuring fees, and application fees.
The Vacancy-to-Vitality Loan Program is a new
program which allows a developer to apply for
subordinate financing that covers the construction
costs associated with converting a Vacant or
Underutilized commercial building into Workforce
Housing or Senior Housing. Both rental and for-sale
homes are eligible under the Program if they meet
the affordability requirements outlined in the term
sheet. Funding will be provided by WHEDA through
a low-interest loan that is subordinate to other
funding sources, as described in the Act. Please
refer to the term sheet for origination fees, loan
structuring fees, and application fees.
Telephone Number:
Email Address:
Provide contact information for the individual(s) who supported your work on the Municipality
Certification document.
Political Subdivision Point of Contact:
Verify Districts Here
Applicant or Contact Person Name:
Telephone Number:
Email Address:
6
4
E. For Vacancy to Vitality Loans
1 Land is currently zoned to permit residential use?
3
4
Number of dwelling units to be created in the conversion to rental
housing? (Must be 16 units or more)
All applicable federal, state, and local government permits or other
approvals have been secured for this project?
C. Project Eligibility
D. Collaboration with Eligible Political Subdivision
Approximate cost reduction achieved through the above action? (in
dollars per unit) *For assistance with calculating cost savings please
see documentation provided in the Procorem WorkCenter
1
2
3
4
5
1
2
The owner/developer has secured all necessary finances for the total
cost of the project not covered by WHEDA loan
Is the project subject to a Land Contract or Rent/Lease to Own
Contract?
The relevant Political Subdivision has taken action to reduce the cost
of rental housing, as defined in the Loan Term Sheets.
The property has been Vacant for at least one year, or is considered
Underutilized as defined in the Term Sheets.
3
5
Rehabilitation of the property conforms to the eligible uses of funds
outlined in the Loan Term Sheets.
2
All applicable permits and approvals have been obtained for
conversion of existing property to rental housing?
Date and explanation of the housing related comprehensive plan changes
The relevant political subdivision has a comprehensive plan that is
compliant with Wisconsin Statutes 66.1001, 66.10013, 66.10014 to
the extent these requirements apply to the political subdivision?
The relevant political subdivision has updated the housing element of
its' comprehensive plan within the last 5 years
The property has not been the subject of a claim for a state or federal
historical rehabilitation tax credit.
The property has not received financial assistance from tax
increments gathered by an active tax incremental district
F. Project Description
1
Project involves acquisition of property or land
G. Site Description
1 Are the existing buildings on the site currently occupied?
If Yes, please describe the situation
2 Will tenant displacement be necessary?
If Yes, please describe the situation
3
4 Describe any known prior uses of this site
5 Legal description of the property
6 Multiple Building Information (only required if multiple buildings exist)
Building 1
Building 2
Building 3
Building 4
Building 5
If "Yes" you certify that you are in compliance with, and will continue to follow all
applicable federal, state or local laws as they relate to tenant displacement a the site.
Is any part of the site in a flood zone? Regardless of where the
actual building is/will be. If "Yes" Please describe the situation:
Street Address Zip CodeCity
New Construction units @ 100% AMI Rental Units @ 100% AMI
Rehabilitation units @ 100% AMI
Adaptive Reuse units @ 100% AMI
Total units
New Construction units @ 140% AMI
Owner Occ. Units @ 140% AMI
Rehabilitation units @ 140% AMI
Adaptive Reuse units @ 140% AMI
Total units
Units for Senior Housing
Year property was built:
Year of last Significant Improvement:
Gross building square footage:
Square footage of main floor commercial space
Total square footage of any other commercial space
Total square footage of second floor rental housing space
Total square footage of third floor rental housing space
New Construction units @ 100% AMI Rental Units @ 100% AMI
Rehabilitation units @ 100% AMI
Adaptive Reuse units @ 100% AMI
Total units
New Construction units @ 140% AMI Owner Occ. Units @ 140% AMI
Rehabilitation units @ 140% AMI
Adaptive Reuse units @ 140% AMI
Total units
Units for Senior Housing
Year property was built:
Year of last Significant Improvement (Link to definition):
Gross building square footage
Square footage of main floor commercial space
Total square footage of any other commercial space
Total square footage of second floor rental housing space
Total square footage of third floor rental housing space
New Construction units @ 100% AMI Rental Units @ 100% AMI
Building 3 Unit Information
Building 2 Unit Information
H. Buildings Information
H2. Building 1 Eligibility (for Restore Main Street program only)
Building 2 Eligibility (for Restore Main Street program only)
H1. Building 1 Unit Information
All projects must fill in details for "Building 1" (section H1). All Restore Main Street projects must also fill out Section H2. Please only enter information on subsequent buildings if
Restore Main Street or Vacancy to Vitality loan funds will be used for additional buildings beyond the first building.
To be eligible for Restore Main Street loan, the housing must be on the second or third floor of an existing 2- or 3-story building, where
commercial space also exists on the ground floor. The commercial space may not exceed two-thirds of the total building's gross square
footage. Commercial space may include: Retail, offices, or generally, any space used for business or professional purposes
Rehabilitation units @ 100% AMI
Adaptive Reuse units @ 100% AMI
Total units
New Construction units @ 140% AMI Owner Occ. Units @ 140% AMI
Rehabilitation units @ 140% AMI
Adaptive Reuse units @ 140% AMI
Total units
Units for Senior Housing
Year property was built:
Year of last Significant Improvement (Link to definition):
Gross building square footage
Square footage of main floor commercial space
Total square footage of any other commercial space
Total square footage of second floor rental housing space
Total square footage of third floor rental housing space
New Construction units @ 100% AMI Rental Units @ 100% AMI
Rehabilitation units @ 100% AMI
Adaptive Reuse units @ 100% AMI
Total units
New Construction units @ 140% AMI Owner Occ. Units @ 140% AMI
Rehabilitation units @ 140% AMI
Adaptive Reuse units @ 140% AMI
Total units
Units for Senior Housing
Year property was built:
Year of last Significant Improvement (Link to definition):
Gross building square footage
Square footage of main floor commercial space
Total square footage of any other commercial space
Total square footage of second floor rental housing space
Total square footage of third floor rental housing space
New Construction units @ 100% AMI Rental Units @ 100% AMI
Rehabilitation units @ 100% AMI
Adaptive Reuse units @ 100% AMI
Total units
New Construction units @ 140% AMI Owner Occ. Units @ 140% AMI
Rehabilitation units @ 140% AMI
Adaptive Reuse units @ 140% AMI
Total units
Units for Senior Housing
Year property was built:
Year of last Significant Improvement (Link to definition):
Gross building square footage
Building 5 Eligibility (for Restore Main Street program only)
Building 5 Unit Information
Building 4 Unit Information
Building 3 Eligibility (for Restore Main Street program only)
Building 4 Eligibility (for Restore Main Street program only)
Square footage of main floor commercial space
Total square footage of any other commercial space
Total square footage of second floor rental housing space
Total square footage of third floor rental housing space
I. Project Scope
1
Eligible uses include: Covering construction cost of housing, including demolition.
Please provide a detailed description of the project work and alignment with the applicable
WHEDA loan.
For Restore Main Street be sure to address the following
Eligible uses include: improvements to maintain the housing in a decent, safe, and sanitary
condition or to restore it to that condition, including any of the following: (1) Repairing or
replacing a heating system, electrical system, internal plumbing system, interior wall or
ceiling, roof, window, exterior door, or flooring; (2)Repairing or replacing insulation or
siding; (3) Remediating lead paint, asbestos, or mold in accordance with applicable local,
state, and federal laws and regulations.
For Vacancy to Vitality be sure to address the following
J. Ownership Entity (or Purchaser Entity)
1 Owner (or Purchaser) Entity Name
C/O
2
Street Address
Address Cont.
City State Zip
Telephone Number
Email Address
3 Federal Tax ID Number of Owner/Purchaser Entity
Entity Type
Contact Person First Name
Contact Person Last Name
4
5
6
K. Ownership or Purchaser Structure
1
Entity/Principal #1 Name
First Name Last Name
Entity/Principal Function or Title
Ownership % Nonprofit? TRUE/FALSE TaxID
Street Address
Address Cont.
City State
Zip
Telephone Number
Fax Number
Email Address
2 Entity/Principal #2 Name
First Name Last Name
Entity/Principal Function or Title
Ownership % Nonprofit?
TRUE/FALSE TaxID
Street Address
Address Cont.
City State Zip
Telephone Number Fax Number
Email Address
3 Entity/Principal #3 Name
First Name Last Name
Entity/Principal Function or Title
Ownership %
Nonprofit? TRUE/FALSE TaxID
Street Address
Address Cont.
City State Zip
Telephone Number Fax Number
Email Address
If additional entities or principals exist please disclose and submit those in an additional attachment with
this application.
Owner
Explanation (if the answer to any of the questions was yes). If
necessary, attach additional documentation.
List all general partner, members, and principals. Specify non-profit, corporate, general partner or
member. (Required for Vacancy to Vitality loans; Optional for Restore MainStreet Loans where only one
owner exists).
Do any unsatisfied judgement exist against the applicant(s)
developer(s) its principals, or any related party?
Has any party related to this application been subject to any litigation,
including real estate foreclosure or bankruptcy within the past 7 years?
L. Sources and Uses
1
Source of Funds
Lien
Position
Interest
Rate
Term in
Months
Amortization
in Months
Payment
Type
Principle Amount Amount
Total $0 Total $0
Replacement Reserve
Capital Needs Reserve
Construction/Hard Costs
Soft Costs
Lease-up Operating Deficit
Operating Reserve
Sources of Funds
Enter your funding sources in the order they will need to be repaid in a cashflow waterfall. Commitment letters for all financing sources must be
submitted with this application. Please refer to the Award Plan for permissible subordinate requirements.
Uses of Funds
Uses of Funds
Purchase Building and Land
M. Debt Coverage
1 Appraised Value of Property* Date of Appraisal
*As completed with rent restriction
2 Year 1
3
4
Please submit a letter from the senior lender which includes all of the following: (1) stating that the Sr. Lender has reviewed the rents
and have underwritten to restricted rents in accordance with the respective act, (2) their presumed cash flow after debt services; (3)
their calculated DSCR
WHEDA reserves the right to deny applications for loans that the Authority determines to be out of market or unreasonable. 5
Senior Lender Presumed Cashflow
Senior Lender Calculated Debt Coverage Ratio
Is the Senior Lender requiring any type of guarantee? If so, please describe that here