WHEDA Awards Seven Milwaukee-area Projects $3.2 Million in Low-Income Housing Tax Credits
31 projects expected to create more than 1,000 affordable housing units statewide
Milwaukee – Wisconsin Lieutenant Governor Rebecca Kleefisch today announced the award of more than $13.4 million in Low-Income Housing Tax Credits (LIHTC) to fund affordable housing developments across Wisconsin. The tax credits, which are distributed by the Wisconsin Housing and Economic Development Authority (WHEDA), will move forward 31 developments that will create 1,162 units of rental housing, 1,066 of which are affordable.
Lt. Governor Kleefisch made the announcement in Milwaukee at a 2015 tax credit awardee site, the Haymarket Lofts, one block north from the new Milwaukee Bucks arena. Haymarket Lofts developers Herman & Kittle and Lutheran Social Services were allocated tax credits this year for The Lakeview at Franklin, a 48 unit senior independent living development in Franklin. Some units are intended for residents who will receive supportive services with a priority for veterans.
“Affordable housing and economic development work together to build and strengthen local economies” said Lt. Governor Kleefisch. “All of the developments getting tax credit awards today will offer much-needed housing opportunities and generate economic growth through family supporting jobs for our communities. I’m excited The Lakeview at Franklin will create stable housing for our outstanding veteran heroes.”
WHEDA has awarded more than $3.2 million to seven Milwaukee-area developments: The Lakeview at Franklin ($534,821), Villard Commons ($538,500), Townhomes at Penn Place (1,288,904), Holton Terrace (100,000), Clarke Square Apartments ($563,710), Mill Road Library Redevelopment (a prior awardee that received an additional credit of $119,721) and Westlawn Renaissance (a prior awardee that received an additional credit of $100,492).
WHEDA received 51 applications this year representing $27.6 million in requests, demonstrating the highly competitive nature of the federal tax credits. The tax credits will help finance affordable housing units in communities in Brown, Calumet, Crawford, Dane, Dodge, Door, Grant, Jefferson, Kenosha, Milwaukee, Oconto, Pierce, Sawyer, St. Croix, Walworth, Washington, Waupaca, Winnebago, and Wood counties.
Tax credits are awarded over a ten-year-period through the federal housing tax credit program. The 2018 tax credits awarded statewide are worth more than $134 million over their 10-year lifespan. In exchange for receiving the tax credits, developers agree to reserve a portion of their housing units for low- and moderate-income households for at least 30 years. Remaining units are rented at market rates to seniors and families without income limits. Tax credit developments must meet high design and operating standards. Criteria include strong management, excellent development quality, demonstrated market need, provision of services and amenities, proper local zoning and permits and service to households at various income levels.
WHEDA has been the sole administrator for LIHTCs in Wisconsin since the federal program began in 1986. Since 1986 WHEDA has awarded more than $363 million in LIHTCs resulting in the development and rehabilitation of more than 51,000 units of rental housing for low- to moderate-income families, seniors and persons with special needs.
Go to www.wheda.com for a complete listing of 2018 Low-Income Housing Tax Credit awards.
For over 45 years, WHEDA, as an independent state authority, has provided low-cost financing for housing and small business development in Wisconsin. Since 1972, WHEDA has financed more than 73,000 affordable rental units, helped more than 125,800 families purchase a home and made more than 29,000 small business and agricultural loan guarantees. For more information on WHEDA programs, visit wheda.com or call 800-334-6873.
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