Two supportive housing developments have been selected to receive awards under the Wisconsin Housing and Economic Development Authority’s (WHEDA’s) Innovation Housing Tax Credit Program. They will each receive a 9% federal low-income housing tax credit allocation of $800,000.

The innovation set-aside was created as part of WHEDA’s 2021-2022 qualified allocation plan for administering federal and state tax credits that help finance low- to moderate-income housing. Developers with innovative affordable housing projects designed to spark community revitalization and promote resident well-being were urged to apply for this new round of 9% credits. Applications opened in July and were due Sept. 3.

Joaquin Altoro
Jessica Kaminski Joaquin Altoro

“Housing tax credits are a vital resource in financing affordable housing, and our 2021 innovation round demonstrates WHEDA’s continued commitment to drive housing and economic opportunity,” said WHEDA CEO Joaquín Altoro. “Wisconsin’s housing needs continue to evolve, and we are seeing a greater need for supportive housing solutions. Through this innovation round we can have a lasting impact on resident well-being and housing security.”

Woodside Prairie in Grafton, developed by Impact Seven, is a new-construction supportive housing development consisting of 32 units, 24 of which will be set aside for autistic adults designed in six-unit cooperative-style clusters.

The Shield in Madison, developed by the Salvation Army, is a new-construction supportive housing development featuring a mix of 44 studio and one-bedroom units. Most of the units are designed for residents with special needs, including 11 units for individuals experiencing homelessness and 22 units for survivors of domestic violence and others with special needs.

WHEDA’s award of $1.6 million in housing credits is expected to generate a total of $14 million in equity for the two projects. Applicants for the innovation credits were also eligible to apply for a special round of National Housing Trust Fund money. WHEDA administers this federal program in Wisconsin to support the construction and rehabilitation of housing that would not otherwise be available for lower-income households. Woodside Prairie applied for and received a Housing Trust Fund award of $388,054.

Seven applications were received during this innovation round seeking nearly $5.4 million in tax credits. Earlier this year, WHEDA announced the award of $35.1 million in federal and state housing tax credits as part of its annual tax credit award cycle. Visit 2021 housing tax credit programs on wheda.com to learn more.