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WHEDA Dropping Interest Rates for Bond-Financed Affordable Housing; Also Lowering 9% LIHTC Permanent Financing Rate
The Wisconsin Housing and Economic Development Authority (WHEDA) today announced that it is lowering interest rates for tax-exempt bond financing for affordable housing and for other affordable housing financing tools. For tax-exempt bond-financed affordable housing properties closing in 2021, WHEDA locked the tax-exempt rate at 4.25% for long-term bonds and 2.5% for short-term bonds. Projects must close by Nov. 30, with one extension to Dec. 15. For projects closing in 2022, the tax-exempt underwriting rate will be 4.35% for long-term bonds and 2.75% for short-term bonds, with projects anticipated to close by April 30, 2022. WHEDA also adjusted permanent financing for 9% low-income housing tax credit (LIHTC) developments from 5.35% to 4.95%.
The newly released Novogradac Low-Income Housing Tax Credit Handbook is an essential resource for affordable rental housing owners, developers, managers and investors.