November 28, 2022
WHEFA Bond Financing Helps United Lutheran Program for the Aging Reposition and Refinance in Wauwatosa
“Luther Manor provides nearly $5 million in unreimbursed charity care a year in part because of generous donors and a business model that puts mission before profits. We also rely on access to tax-exempt financing to help us fund needed improvements and to bring critical programming to our community. Without the benefit of a tax-exempt rate, especially with interest rates climbing, we would not be able to afford the cost of funds needed to enhance our community and address the changing care needs of our residents. Our ability to remain strong after 60 years and ensure our mission of care continues relies on strong partners like WHEFA and access to tax-exempt financing.”
– Stephanie Chedid, President & CEO
United Lutheran Program for the Aging
Bond financing facilitated by WHEFA will be used to help United Lutheran Program for the Aging finance a new 18-bed community based residential facility memory care program, enhance its transitional care program and related therapy gym, and improve staff efficiency. Bond proceeds were also used to refinance certain bonds previously issued by WHEFA in 2012. This tax-exempt financing process has enabled United Lutheran Program for the Aging to operate more effectively by financing its capital expenses at a low interest rate.
WHEFA is proud to continue its mission of assisting all eligible Wisconsin nonprofit institutions to obtain and maintain access to tax-exempt financing in order to finance their capital improvement and expansion needs.