Since our inception and partnership with Astar Capital Management in 2002, the Wisconsin Housing Preservation Corp. (WHPC) have acquired, developed and renovated over 150 affordable rental housing developments, which represent more than 8,200 family and senior units in Wisconsin.
WHPC preserves affordable housing by acquiring properties and to making improvements to these properties. These improvements benefit the community and state with higher Section 8 rents, better value, better management and increase a property’s energy efficiency by emphasizing the use of green materials, fewer water resources, and better technologies inside and out.
WHPC was created in 2002 in cooperation with Wisconsin Housing Economic Development Authority (WHEDA) to provide a solution to the fact that many Section 8 contracts were approaching the end of their terms. With so many contracts nearing their expiration date, the state was faced with the loss of a valuable resource: affordable housing that was already built and functioning. $10 million in capital from WHEDA has grown into 8,261 units in 156 projects and counting. The majority of WHPC locations provide Section 8 rental subsidy for our residents who have an average income of about $11,000 per year.
Today, we are a $400 million private non-profit housing provider with annual revenues of $54 million and net worth in excess of $100 million. Standard & Poor’s awarded WHPC with an “AA-” rating, and their analysts asserted that WHPC has “strong overall management and a strategic plan that supports the corporation’s mission to provide quality low income housing.” To date, we have successfully invested $74.5 million in private equity for some of the largest investment entities in the country. Firms such as Boston Capital, Richman Group, Redstone, and BMO Harris all trust us for skilled real estate closing and refined financial management.
With vigorous drive, we continue growing our presence in the state and working with our valued partners comprised of lenders, investors, management companies, and, most importantly, our residents.