The Wisconsin Housing and Economic Development Authority (WHEDA) has awarded more than $13.6 million in low-income housing tax credits (LIHTC) statewide. The housing tax credits will help to create 1,367 units of affordable rental housing in 26 developments.
Demand for the housing tax credits outpaced supply in the latest round, with WHEDA receiving 43 applications representing $25.48 million in requests.
The LIHTCs will help to finance affordable housing developments in Calumet, Dane, Dodge, Douglas, Grant Iowa, Kenosha, La Crosse, Milwaukee, Outagamie, Portage, Racine, Rock, Sauk, St. Croix, Winnebago, and Wood counties.
Lt. Gov. Rebecca Kleefisch announced the LIHTC reservations on May 16 at the future site of the National Soldiers Home Residences on the Clement J. Zablocki VA Medical Center grounds in Milwaukee. The Alexander Co. received just under $1.4 million in LIHTCs to renovate the “Old Main” Building into 72 one-bedroom and eight two-bedroom units for veterans and their families who are homeless or at risk of becoming homeless.
“These critical tax credits are instrumental in building strong neighborhoods through the effective combination of affordable housing and economic development,” said Kleefisch. “I’m especially thrilled that the Soldiers Home development will create stable housing for our outstanding veteran heroes.”
The other 25 developments receiving LIHTC reservations include:
- 704 Place Apartments in Milwaukee by Impact Seven;
- 8Twenty Park, Phase 1, in Madison by JT Klein Co.;
- Abbey Grove in North Hudson by West Cap;
- Carmichael in Hudson by Gerrard Development;
- Century Building in Milwaukee by Keystone Development;
- Cottages of Superior, Phase 2, in Superior by Gerrard Development;
- Cottages on Main in Hortonville by Commonwealth Development Corp.;
- Cranberry Woods Townhomes in Wisconsin Rapids by Alliance Housing Development;
- Eva Manor in Pleasant Prairie by Bear Development;
- Fairview Heights in Mineral Point by The Woda Group;
- Garden Terrace Apartments in La Crosse by Impact Seven;
- Janesville Commons, Neenah Court, and Menasha Woods in Winnebago County by Wisconsin Housing Preservation Corp.;
- Mill Road Library Redevelopment in Milwaukee by Royal Capital Group;
- Mount Pleasant Manor in Racine by National Church Residences;
- Normandy Square Senior Apartments in Madison by MSP Real Estate;
- Oak Ridge in Middleton by JT Klein Co.;
- Pioneer Square Apartments in Platteville by General Capital Group;
- River Cove Apartments in Stevens Point by Wisconsin Housing Preservation Corp.;
- Rock River Place in Horicon by Horizon Development Group;
- Union Corners Grandfamily in Madison by Gorman & Co.;
- Uptown Commons II in Chilton by Horizon Development Group;
- Walnut Street Flats in Reedsburg by Cohen-Esrey Affordable Partners;
- Westlawn Renaissance III in Milwaukee by the Housing Authority of the City of Milwaukee;
- Whispering Echoes Townhomes in Winneconne by Northpoint Development; and
- Whitetail Ridge in Paddock Lake by Bear Development
The sole administrator for housing tax credits in Wisconsin since the federal program began in 1986, WHEDA has awarded nearly $342 million in LIHTCs resulting in the development or rehab of more than 43,000 units of rental housing for low- to moderate-income households.
“I’m gratified at the ongoing devotion and commitment of Wisconsin’s development community to provide safe, quality housing options,” said Wyman Winston, WHEDA’s executive director. “The tax credit program is one of the state’s most successful and effective public-private partnerships.”