Thirty-one developments have been selected to receive $13.4 million in low-income housing tax credits (LIHTCs) in Wisconsin. The properties will create 1,162 rental homes, 1,066 of which are affordable.
Lt. Gov. Rebecca Kleefisch made the announcement in Milwaukee at a 2015 tax credit awardee, the Haymarket Lofts, one block north from the new Milwaukee Bucks arena, now under construction. The developer of the Lofts, Lutheran Social Services, received a 2018 award for The Lakeview at Franklin, a 48-unit senior independent living development in Franklin. Another announcement was held in Madison.
“Affordable housing and economic development work together to build and strengthen local economies” Kleefisch said. “All of the developments getting tax credit awards across the state today will offer much-needed housing opportunities and generate economic growth through family supporting jobs for our communities. The tax credit program is a tremendous example of how effective public-private partnerships can be.”
The Wisconsin Housing and Economic Development Authority (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.
A list of the developments receiving LIHTCs can be found on the WHEDA site.
Courtesy of the Wisconsin Housing and Economic Development Authority
Brian Schimming, COO of the Wisconsin Housing and Economic Development Authority, announces the LIHTC awards at the site of CommonBond's awarded project, Tree Lane Senior Apartments in Madison.
“More than a thousand families will now have the tremendous opportunity to live in affordable housing,” said Wyman Winston, WHEDA executive director. “Those families living in affordable as opposed to market-rate units will literally save millions of dollars over the lifetime of the developments. Those are dollars that go right back into local economies because families can make independent saving or spending decisions thanks to those extra savings.”
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.