The Wisconsin Housing and Economic Development Authority (WHEDA) has reserved more than $14 million in low-income housing tax credits (LIHTCs) for the creation of 1,307 units in 28 affordable housing developments.
LIHTC demand outpaced supply for the 2016 awards cycle, with WHEDA receiving 39 applications requesting $19.4 million.
“Affordable housing and economic development go hand in hand to build strong neighborhoods,” said Rebecca Kleefisch, Wisconsin lieutenant governor. “The developments awarded tax credits today will provide new housing opportunities and spark economic growth in our communities. These valuable tax credits make it possible for private developers to finance vital projects they wouldn’t ordinarily be able to do on their own.”
Kleefisch announced the awards May 2 at or near two developments receiving LIHTCs this round—Mifflin Street Apartments in Madison and at the Milwaukee Urban League, next to the Historic Garfield Redevelopment Phase 1.
Nine of the 28 projects awarded tax credits are in Milwaukee, with the remaining projects in Bayfield, Colby, Fond du Lac, Grand Chute, Madison, Merrill, Nekoosa, New London, Oshkosh, Prairie du Chien, Sheboygan, Sparta, Superior, and Wausau.
WHEDA has been the sole administrator for LIHTCs in Wisconsin since the program was created three decades ago. Since 1986, it has awarded nearly $342 million in housing tax credits resulting in the development or rehab of more than 53,000 rental units for low- to moderate-income households.
The 28 developments receiving LIHTC reservations include:
- 15 and North Apartments in Milwaukee: The new construction and adaptive-reuse project by VeriGreen Development will provide 64 units for families;
- 5th Street School Apartments in Milwaukee: The adaptive-reuse project by Gorman & Co. will provide 48 units for seniors;
- 704 Place Apartments in Milwaukee: The new construction project by Rule Enterprises will include 56 units for families;
- 8Twenty Park Phase I and II in Madison: JT Klein Co.’s two new construction phases will provide 95 units for families;
- Badger Lofts in Wausau: MetroPlains’ adaptive-reuse project will provide 29 units for families;
- Bayshore Townhomes in Sparta: Keystone Development’s new construction project will include 32 units for families;
- Beacon Avenue Cottages in New London: Commonwealth Development Corp.’s new construction project will include 40 units for families;
- Century Building in Milwaukee: Keystone Development’s adaptive-reuse project will provide 50 units for families;
- CityPlace in Milwaukee: Institutional Housing’s new construction project will include 51 units for families;
- Colby Cottages in Colby: CAP Services’ new construction project will provide 28 seniors housing units;
- Cottages of Superior Phase II in Superior: Gerrard Corp.’s new construction project will include 24 units for families;
- Exchange @ 104 in Fond du Lac: KCG Development’s adaptive-reuse project will include 48 units for families;
- Grand View Townhomes in Grand Chute: Horizon Development Group will create 40 units of family housing;
- Historic Garfield Redevelopment Phase 1, The Griot, in Milwaukee: Maures Development Group will build 41 units for families;
- Lawler School Lofts in Prairie du Chien: Commonwealth Development will do a combination of new construction and adaptive-reuse to create 40 units for families;
- Madison Family Supportive Housing in Madison: Heartland Housing’s new construction project will provide 45 supportive housing units;
- Madison on Broadway in Madison: A new construction development by Movin’ Out will include 48 units for families;
- Mifflin Street Apartments in Madison: Stone House Development will build 65 units for families;
- Nekoosa Senior Village in Nekoosa: CAP Services’ seniors housing development will provide 18 units;
- Parish School Apartments in Fond du Lac: ADVOCAP’s development will be a mix of new construction and adaptive-reuse and will create 47 units for families;
- Park Place and Westgate Apartments in Merrill: The new construction and rehab project by Horizon Development Group will include 102 units for families;
- Red Cliff Rehab II in Bayfield: Red Cliff Chippewa Housing Authority will complete an acquisition-rehab of a 38-unit project;
- St. Anthony’s Apartments in Milwaukee: Heartland Housing’s adaptive-reuse project will create 60 affordable units for a mix of residents;
- Victory Manor in Milwaukee: The Housing Authority of the City of Milwaukee will create 60 units of affordable housing for families;
- Waite Rug Housing in Oshkosh: The Housing Authority of the City of Oshkosh will create 56 units of housing for families through an adaptive-reuse project;
- Washington Park Townhomes in Milwaukee: Wisconsin Preservation Fund will create 40 units of family housing; and
- Washington School Apartments in Sheboygan: Gorman & Co.’s adaptive-reuse project will provide 42 units for families.