Experience the Heartland Properties, Inc. Difference

Who We Are

Heartland Properties, Inc. (HPI) was created in 1988 by WPL Holdings, Inc. to invest and create affordable housing for the workforce within the Wisconsin Power & Light service territory. HPI took initial steps towards fulfilling its mission by making its first 14 investments in affordable housing utilizing the IRS Section 42 low-income housing tax credit program. This was accomplished by creating public-private partnerships benefitting communities throughout Wisconsin.

During 1994 and 1995, as a result of hands-on experience with Syndication, Construction Financing, HEARTS Bonds, Property Management, Tax Credit Compliance, as well as in-house Direct Development; HPI was a one-stop shop for clients seeking expertise in Section 42 Affordable Housing. At its peak, HPI achieved a milestone of having ownership of varying degrees in 107 affordable housing developments. It was during this time that John Stoneman and Dan Fosdick joined the company as key department heads.

In 2002, Alliant Energy (the successor company to WPL Holdings) announced plans to sell all of its investments in non-utility affiliates, which included the affordable housing component owned by Heartland Properties, Inc.. In July 2003, John and Dan successfully acquired HPI and its interests in eighty-five (85) properties across five states. As co-owners, John and Dan assumed roles as President and Vice President, respectively. To build their team, they hired five existing HPI employees to help facilitate a smooth transition and maintain continuity because of their extensive knowledge from longevity with the company.

To this day, HPI continues its mission to provide quality affordable and market rate housing as evidenced by making a continuous commitment to substantial reinvestment in capital and physical improvements.

The end result is high resident satisfaction as indicated by a portfolio average physical occupancy that has exceeded 96% each year for the last two decades.