Guest column/WI Housing and Economic Development
WHEDA’s role in these tough times
WHEDA Chief Antonio
Riley

by Antonio Riley

     It’s been almost a year since I had the pleasure of traveling to Eau Claire, Wis., to take part in the
grand opening and ribbon cutting of a family-owned restaurant called Noodle Wrap. Pang Cher Vue and his
wife Xong Lor Vue had owned the successful restaurant since 1996, when they decided it was time to
grow. In 2007, they worked with a local bank to get a WHEDA Neighborhood Business Revitalization Loan
Guarantee. In 2008, they not only opened in a 2,000 square-foot location, they opened the restaurant in a
brand new commercial building that they own and lease to other tenants.
     The story of the Vues is a story that many Wisconsin residents share – that of entrepreneurship,
ownership, and creating one’s own wealth.
     WHEDA is proud to play a role in the dreams of many Wisconsinites, just like the Vues. At WHEDA we
have found the entrepreneurial spirit of the Asian community to be very strong.
     These are tough economic times – no doubt about that. In fact, WHEDA, who has helped hundreds of
Asian Americans buy their first home, had to suspend its home loan program in October after the capital
markets froze. Although we still aren’t able to offer our low, fixed-interest loans, we hope to in the near
future.
     However, thanks to the 2009 American Recovery and Reinvestment Act, there is much we are able to
do to help people throughout this state find affordable housing and find a job.
     That stimulus bill will provide just over $35 million to affordable housing developments in Wisconsin
for projects that are funded by WHEDA’s Low Income Housing Tax Credits. It will also allow for some
direct grants to be made to certain tax credit developments.
     What this means is more quality, affordable housing for Wisconsin residents, and hundreds of jobs for
people in Wisconsin. In an average year, WHEDA’s tax credit projects create as many as 640 jobs. When
those housing dollars are multiplied throughout the economy, everyone benefits … including the Vues and
their restaurant.
     WHEDA has two Community Relations Officers, Nelson Moua and Chia Yang, who are dedicated solely
to working with Wisconsin’s Asian community. Together, they have helped hundreds of Asians purchase
their first home or expand their business.
     Recently, as foreclosures have risen, Chia and Nelson have worked tirelessly with troubled
homeowners to help them seek the help they need. While WHEDA’s foreclosure rate is low, we know that
it is our responsibility to help people who are struggling. Nelson and Chia are true advocates for the Asian
community and work with local nonprofit counseling agencies to help people stay in their homes. For
readers out there right now struggling with their mortgage, I want to urge them to not wait any longer. They
need to call 1-888-995-HOPE, contact their mortgage servicer or go to
www.WisconsinForeclosureResource.com for a list of free, nonprofit credit counselors in their area.
WHEDA’s philosophy of building strong partnerships throughout the state has paid off in our foreclosure
prevention efforts.
     At WHEDA, we know as well as anyone that we are living in challenging times; high foreclosures,
jobs loss and companies that are shutting their doors. We take heart that there are still many opportunities
available, and WHEDA is ready to help people rise to the occasion.
     For more information on how WHEDA can help you get on the path to home ownership through one of
our home buyer education classes or to learn about our small business financing options, call 1-800-628-
4833 and ask for Nelson Moua or Chia Yang.