Why have your school use precious renovation or new construction dollars to pay high-interest rates for debt when there is a cheaper, but lesser-known, alternative?
That’s why WCRIS has been working for years with the Wisconsin Health & Educational Facilities Authority (WHEFA), a state agency, to encourage schools to use tax-exempt financing when it’s time to build or renovate.
St. Peter Lutheran seized the opportunity for such savings when they built a 45,000-square foot, $6.5 million addition and gymnasium on their school in Freedom.
“The opportunity to receive tax-exempt financing is an incredible blessing to our school,” says Nathan Paul, Chief Operating Officer, 922 Ministries, which serves their growing north Appleton community.
“This allows us to expand our facilities and staff to offer quality education to 150 additional students. Without this project and our ability to obtain affordable financing, we would be turning away students already next school year (my kids included). Tax-exempt financing through WHEFA will enable us to invest more dollars in our students and staff instead of building costs,” he testified in a WHEFA promotion.
This tax-exempt financing process has enabled schools like St. Peter Lutheran Church to operate more effectively by financing its capital expenses at a low-interest rate.
WHEFA provides several hundred Wisconsin nonprofit corporations access to private and public capital markets at lower costs than are available to them in the conventional marketplace. WHEFA does not utilize any State money to fund its operations.
For more information go here.
