MADISON — The Wisconsin Housing and Economic Development Authority is seeking applications for a total of $1.9 million in National Housing Trust Fund financing targeting housing projects for people with extremely low incomes.

Eligible projects include those that received 2019 or 2020 federal 9% or federal and state 4% housing tax credits. The housing trust fund financing is intended to expand the number of units available for households at or below 30% of area median income.

While the federal program allows states to use up to 10% of resources for homeownership-related programs, Wisconsin has opted to target its funds to rental housing development and rehabilitation. Funding applications are scored based on criteria including geographic diversity, affordability, priority housing needs and the use of other non-federal funding resources.

The financing takes the form of low-cost, subordinated debt. There is no minimum dollar amount for financing requests. The federal program is funded by a portion of a 0.042% fee on Fannie Mae and Freddie Mac activity to guarantee loans and create mortgage backed securities.

For more information, visit WHEDA.com and search “National Housing Trust Fund.” Applications will be accepted until June 12 at 5 p.m.