During my travels I’ve discovered that the devoted people of Wisconsin possess an inherent work ethic truly second to none in the entire country. Wisconsin’s outstanding commitment and service motivated me to embrace the opportunity to serve as the executive director of the Wisconsin Housing and Economic Development Authority (WHEDA) where I had worked between 1987 and 2001.
Knowing that Wisconsin has a workforce with the proper skills, ingenuity, and capability to collectively roll up its sleeves to attack and meet serious challenges, I enthusiastically answered Gov. Scott Walker’s call to serve and help him achieve his ambitious goal of creating 250,000 jobs by 2015. To meet the mission, WHEDA strategically will increase its economic development focus.
Our transformation is necessary because Wisconsin is losing the economic race, getting beat badly. If this was a boxing match, it’d be like Mike Tyson in the ring against Pee Wee Herman!
Compared with the rest of the nation, our job growth is below average. Wisconsin, not immune to the devastating recession, losing 160,000 jobs. Making matters worse, our per capita income is down with levels that are the worst in the nation. The same holds true for wages. Those fortunate enough to have jobs suffer from poor wages that haven’t gone up substantially since the Reagan years.
Three years ago affordable housing in America died. The need remains. But housing can only improve with a growth in wages, a key to rejuvenating our sputtering economy.
Historically, WHEDA has been a leading contributor to Wisconsin’s housing sector. For almost 40 years WHEDA has assisted over 100,000 working families achieve the American dream of home ownership. WHEDA has developed more than 50,000 affordable rental housing units for residents throughout Wisconsin. Our core housing mission remains.
However, the stark reality is that our economic problems cannot be addressed by housing alone. So, WHEDA plans to create and retain jobs by growing our economic development capabilities and leveraging our expertise in single-family and multifamily lending. We expect to grow our economic development line of business to the point that its contributions to WHEDA are on par with our housing programs. The economic development leg of the WHEDA stool will become much larger.
By targeting our resources to create and retain jobs, we will revitalize our communities and maximize community impact. Our strategy is multi-faceted:
- WHEDA intends to focus on job creation in low income and underserved communities.
- WHEDA will create business opportunities for emerging business enterprises
- WHEDA will target “anchor” businesses in underserved communities.
- WHEDA will pinpoint industry and geographical regions that are most likely to maximize job creation and business.
- WHEDA will develop a rural strategy designed to strengthen agricultural business.
- WHEDA will develop an urban strategy in Milwaukee to build on Milwaukee’s strength as a manufacturer.
- Expand partnerships with community banks, venture funds, growth funds and community leaders.
As of July 1, 2011, the Wisconsin Department of Commerce will become the Wisconsin Economic Development Corporation (WEDC) that will deal exclusively with economic development. WEDC will lead economic development in the state to attract major companies and headquarters. WHEDA will focus on smaller businesses and companies. The two authorities will work in concert to attain the maximum economic development opportunities for Wisconsin. I look forward to collaborating with my friend and colleague, Commerce Secretary Paul Jadin.
Once again, our goal is to balance housing and economic development within WHEDA. We must attach our economic revival to areas all across the state that are impoverished and disadvantaged. To do that, we will ensure that we know our partners and our markets and know them well.
Creating jobs is essential. As I tell corporate leaders, people who work do not steal. People who work pay their bills. People who work pay their taxes. People who work contribute to their communities. People who work demand less from social services.
By financing businesses that are growing and businesses that will provide jobs with wages that will sustain families, home ownership is no longer just a dream. It becomes a reality. I strongly believe WHEDA possesses the institutional knowledge, background, passion and determination to meet our job creation/economic development challenges.
That’s why I said “Yes” to Governor Walker and why I love my job. It’s doing God’s work with a balance sheet.
Wyman Winston is the executive director of the Wisconsin Housing and Economic Development Authority (WHEDA).
