A special competitive round for low-income housing tax credits (LIHTCs) will be held to create affordable housing in Marinette, Wis., announced the Wisconsin Housing and Economic Development Authority (WHEDA). The move is “in response to the economic impact of a large ship building contract awarded to Marinette Marine Corp. (MMC),” said WHEDA Executive Director Wyman Winston.
In December, MMC was awarded a contract from the U.S. Navy to build 10 Littoral Combat Ships. The award is expected to create more than 1,000 new jobs, and the influx of workers and their families will create a demand for housing in Marinette. “The current qualified allocation plan allows the executive director to waive any conditions not mandated by Sec. 42 to address unforeseen circumstances and determined by WHEDA to be in the best interests of the citizens of the state of Wisconsin,” said Winston in a letter to the LIHTC community.
The deadline to apply is Sept. 16. Credit requests must not exceed $700,000, according to agency. Proposed developments must be in the city of Marinette and aimed at families/general occupancy. New construction and adaptive-reuse projects are eligible.
WHEDA expects to select one application. The award will be made in mid-October, and applicants should be prepared to secure investor equity and execute a carryover agreement with a submission of all applicable fees by Dec. 29, according to WHEDA.