(WTAQ-WLUK) — Winnebago County will vote Tuesday on plans for a “revolving loan fund” using $3.5 million in interest from American Rescue Plan Act funds the county received in 2021. The Industrial Development Board is matching $1 million, making the total a $4.5 million fund.
The goal is to boost housing development projects in the area.
“It’s used for gap financing for developers, municipalities, non-profits, to be able to move forward on new housing projects,” said County Executive Gordon Hintz. “When those projects sell, are sold, or rented out, the money is then returned to the county and can be loaned out again.”
The money wouldn’t fund an entire project, rather it would allow projects needing an extra monetary boost to be completed.
Hintz said there’s a mismatch with housing needs in the area.
“Over the next 10 years, it’s estimated that the County will need about 10,000 new properties. Even with our population figures being somewhat stagnant, there are few people living per unit,” he explained.
The Greater Oshkosh Economic Development Corporation put out a letter in support of the revolving housing fund, cosigned by dozens of local groups who say it’s an exemplary model of private-public collaboration, and will strengthen the housing market.
“Our businesses, their biggest challenge right now to having growth is to have the right workforce,” said President and CEO of Greater Oshkosh Tricia Rathermel. “So in order to have the right workforce we have to have the type of housing that is what they’re looking for for their quality of life.”
Rathermel said increasing costs have prevented developers from starting work in Winnebago County. She says the fund should bring affordability up.
“The ability for our community to have a tool in our toolbelt that lets us bring developers here, provide some support to get that housing done, it’s just going to make it easier for us to increase the number of houses that we have,” she told us.
And Hintz added since the money is revolving and will always come back to the county — if this project doesn’t work as expected, the county can use it for other work.
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