Wisconsin, Ohio, and Indiana have made low-income housing tax credit (LIHTC) reservations in recent weeks.
The Wisconsin Housing and Economic Development Authority (WHEDA) announced that 37 developments have received reservations in the agency’s recent round of allocations.
The projects will share in about $30 million in tax credits to create 2,486 affordable housing units and more than 3,000 construction jobs.
WHEDA typically has about $10 million in annual LIHTC authority, but the state received three times that amount this year to help it recover from recent storm and flood damages.
Two of the participants in WHEDA’s Co-Developer Mentor-Protégé program, which pairs a minority developer with a more experienced developer on a tax credit project, had successful applications. They include Dustin Bowie, who partnered with Commonwealth Development for a project in Menasha, and Melissa Goins, who partnered with Brinshore Development on two projects on Milwaukee’s north side.
In Indiana, 30 developments received LIHTC reservations totaling nearly $21 million. The Indiana Housing and Community Development Authority had a record 62 applications this year, compared to 40 last year.
Indiana also received disaster credits, which increased interest from developers across the state, according to Jacob Sipe, multifamily manager at the agency.
The Ohio Housing Finance Agency (OHFA) reported awarding nine developments additional federal tax credits through a provision in last year’s Housing and Economic Recovery Act that gave state allocating agencies the ability to award extra credits to projects.
OHFA awarded more than $950,000 in extra credits to the developments, which have been unable to begin construction because of a shortage of LIHTC capital.