Madison, Wis. – September 16, 2008 – A $278,500 loan from Forward Community Investments to the Central Wisconsin Community Action Council (CWCAC) will preserve Wyona Lake Apartments as affordable housing for low-income individuals and families in Wyocena.
“Our investors support projects that shape social change on local levels,” said Salli Martyniak, Forward Community Investments president. “This project improves the Wyocena community and connects to larger efforts underway to strengthen rural communities statewide.”
CWCAC owns the apartments. The financing allows CWCAC to finish payment on the federal Section 515 loan through which the Wyona Lake Apartments were built as affordable housing in the 1970s. Unlike hundreds of Section 515 housing across the country that is being converted into traditional housing, these apartments will remain affordable for people whose income falls at or below the county median.
“Building a better life starts with finding a place to live,” said Fred Hebert, CWCAC executive director. “Low-income and disadvantaged people deserve options for decent, affordable housing right in their own communities.”
Recent renovations brought the building up to contemporary standards, including new roofing and insulation to reduce heating costs and keep residents warm during the coming winter months. Renovations to the community room provide space and comfort for weekly resident gatherings.
“The renovations give it new life,” Robin Skala, CWCAC property manager. “Wyona Lake Apartments is so unique because it is truly an extension of community and family.”
The project reflects the larger commitment of Forward Community Investments to promote economic development and raise standards for affordable housing in rural Wisconsin. As a statewide nonprofit loan fund, it provides below-market loans from $5,000 to $400,000 (with consideration given to projects up to $1 million) for nonprofit organizations, such as CWCAC, serving low- to moderate-income populations.
About Central Wisconsin Community Action Council:
CWCAC provides housing, employment and homeless prevention and intervention services to people in Adams, Columbia, Juneau, Sauk, Dodge and Waushara Counties. In 2007, the non-profit served 302 households, including 496 adults and 360 children.
About Forward Community Investments:
Forward Community Investments expands the financial capacity of Wisconsin nonprofits through low-cost flexible financing and technical assistance.
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