Twenty-three developments in Wisconsin have been selected to receive about $11.5 million in low-income housing tax credits (LIHTCs).
The developments will create 1,006 affordable housing units and approximately 1,000 construction jobs across the state, according to the Wisconsin Housing and Economic Development Authority (WHEDA).
The LIHTCs will help finance affordable housing in communities, including Antigo, Bayfield, Brown Deer, Burlington, De Pere, Hayward, Kenosha, Madison, Manitowoc, Milwaukee, Ripon, Shawano, Watertown, Waukesha, and Wisconsin Rapids.
"In order to revitalize our state's economy, affordable housing and economic development must play key roles," said Lt. Gov. Rebecca Kleefisch in a statement. "Developments being awarded tax credits today address local housing needs, and they stimulate economic growth through family-supporting jobs for our communities. The beauty of these tax credits is that they provide opportunities for private developers to fund projects that they might not ordinarily be available to finance on their own."
WHEDA officials said five developments are located within the Transform Milwaukee area: the Washington Park Homeowners Initiative, 700 Lofts, Glendale Heights Townhomes, Ingram Place Apartments, and Paper Box Lofts.
Transform Milwaukee is a public-private partnership focusing on restoring economic prosperity to the industrial, residential, and transportation areas connecting the city's 30th Street Industrial Corridor, Menomonee Valley, Port of Milwaukee, and the Aerotropolis.
WHEDA received 59 applications requesting nearly $33 million in tax credits this year.
