The Wisconsin Housing and Economic Development Authority (WHEDA) has awarded $31.9 million in federal and state low-income housing tax credits (LIHTCs) for the creation and preservation of 2,039 affordable housing units.
For the 9% LIHTCs, $15,986,087 has been awarded for 23 developments with 1,030 low- and moderate-income units. WHEDA awarded $7,947,444 in state 4% LIHTCs to 11 developments with 1,009 low- and moderate-income units. In addition the state credits triggered the availability of $7,958,843 in federal 4% credits for the 11 developments.
The highly competitive process drew requests totaling $61 million, almost twice the available amount of tax credits.
The state and federal LIHTCs will advance housing opportunity and economic recovery in 23 communities across Wisconsin. The developments range from a 35-unit adaptive-reuse project for families in Milwaukee to a 100-unit housing project for seniors in Sun Prairie. Other communities benefiting from the housing tax credits include Ashwaubenon, Barneveld, Bristol, Cuba City, Darlington, Eau Claire, Fall River, Fitchburg, Kenosha, McFarland, Madison, Monroe, Mount Horeb, New Richmond, Oshkosh, Port Washington, Sparta, Waunakee, Wausau, Wauwatosa, and Wisconsin Dells.
“The benefits of affordable housing and economic recovery extend statewide, and WHEDA continues to innovate and adapt its programs to increase this positive impact,” said CEO Joaquin Altoro. “It’s important to emphasize that WHEDA is not able to accomplish this work alone. To get these developments off the ground, WHEDA relies on critical partnerships with developers, additional financing, local housing groups, community leaders, and elected officials.”
According to the agency, the $15.9 million in 9% credits are worth about $143 million over the credits’ 10-year life span. The state 4% credits are worth about $33 million over a six-year life span, and the federal 4% credits are worth about $72 million over the 10-year life span.
“We have to connect the dots between housing security and economic development for our workforce to keeping kids in the classroom,” said Gov. Tony Evers. “Ensuring folks across our state have access to affordable housing is critically important. These tax credits not only leverage private capital but support good-paying jobs and infrastructure in our local communities.”
