Thirty-three projects have been selected to receive $35.1 million in state and federal low-income housing tax credits by the Wisconsin Housing and Economic Development Authority (WHEDA).
The developments will help create or preserve 2,200 affordable housing units in 19 communities statewide.
WHEDA CEO Joaquín Altoro said this year’s plan for allocating the credits increased the emphasis on rural communities, supportive housing, partnerships with developers from underrepresented communities, and sustainability.
The increased emphasis in these areas was reflected in the agency’s qualified allocation plan. Highlights of the recent allocation round include:
· Seven of 16 eligible applicants qualified for the rural set-aside under both programs;
· Following WHEDA’s decision to increase the number of points awarded to projects that provide emerging developers with a minimum 24% ownership interest in the general partner/managing member role, 29 of the 54 applicants sought these points. Overall, 18 of the awarded projects reflect minority developer collaboration;
· To qualify, all projects met increased sustainability standards as administered by the Wisconsin Green Built home program; and
· Two of the three applicants applying in the supportive housing set-aside are receiving awards. In addition, 49 applications received extra scoring points for offering integrated supportive services as part of their project proposal.
The 2021 awards range in size from a 24-unit project by the Lac Courte Oreilles Housing Authority in Hayward to a 173-unit, family-focused project by Roers Investments in Sun Prairie.
The award reservations included $14.7 million in federal 9% housing tax credits to fund 17 projects with 866 low- and moderate-income units.
WHEDA also awarded $7.1 million in state 4% housing tax credits to 16 projects with 1,334 low- and moderate-income housing units. The award of the state credits triggers the availability of $13.3 million in federal 4% tax credits for these projects.
Communities with projects receiving awards are: Ashland, Ashwaubenon, Eau Claire, Hayward, Kaukauna, Kenosha, Lac du Flambeau, Madison, Manitowoc, McFarland, Middleton, Milwaukee, Mosinee, Oconto, Sister Bay, Stevens Point, Sun Prairie, Two Rivers, and Wauwatosa.
