Two high-impact developments have been selected to receive low-income housing tax credits (LIHTCs) in a special allocation round by the Wisconsin Housing and Economic Development Authority (WHEDA).
Created in 2013, WHEDA’s High-Impact Project Reserve program awards housing credits to projects that have strong economic development or redevelopment attributes, significant community support, or a tangible impact on job creation.
Meadow Ridge Middleton, a 95-unit development in Middleton, Wis., and Century City Homeowners Initiative (CCHI), an effort to stabilize and revitalize the housing stock in Milwaukee’s North Side, each received an $850,000 LIHTC reservation.
Developer Jacob Klein, president of JT Klein Co., plans to break ground on Meadow Ridge Middleton in spring 2016. Seventy-six of the units will be for low-income families. The development stands out because it will be built near several large employers, including the new Spectrum Brand headquarters. The Meriter Health Clinic, which is under construction nearby, is expected to create 500 jobs.
“Tremendous job creation is taking place within a two-mile radius of Meadow Ridge Middleton,” says Wyman Winston, WHEDA executive director. “The new units being developed by JT Klein will provide much-needed workforce housing to support those jobs.”
CCHI represents an additional phase of Gorman & Co.’s Northside Housing Initiative. The LIHTC award will help finance an additional 40 units. Gorman is leading the recovery of the neighborhood by rehabbing vacant buildings and putting them back to use. Residents of the newly renovated single-family homes and duplexes have an option to buy after the initial 15-year LIHTC compliance period.
The effort is also unique because Gorman and Northcott Neighborhood House are training local residents in construction and demolition work.
“All six of Gorman & Co.’s Northside Housing phases have helped restore historic homes while training local residents for construction jobs within the Transform Milwaukee initiative area,” Winston said. “I’m confident Gorman’s next phase will also be successful, which is good for the economy of Milwaukee and the state.”
WHEDA received eight high-impact program applications from developers seeking nearly $5.5 million in LIHTCs. In April, the agency awarded $12.5 million in housing credits as part of its annual LIHTC award cycle.