NEWCAP, Inc., a locally controlled nonprofit human services organization has been awarded a special round of low-income housing tax credits to build workforce housing in Marinette, Wis.
The nearly $700,000 tax credit award was made by the Wisconsin Housing and Economic Development Authority (WHEDA), which called for the round to address the growing affordable housing need in the city after the Marinette Marine Corp. received a federal contract to build 10 combat ships. More than 1,000 jobs will be created.
NEWCAP plan to use the credits to build a 49-unit family housing development.
“WHEDA is thrilled to address the influx of new workers in Marinette who will need a place to live by awarding these special tax credits as a response to the huge economic impact,” said WHEDA Executive Director Wyman Winston. “There were strong applicants for the credits. NEWCAP met the required tax credit threshold and scoring criteria. I am confident NEWCAP will provide a quality development that Marinette will be proud of.”