MILWAUKEE – Governor Jim Doyle today announced the recipients of more than $100 million worth of affordable housing tax credits throughout the state, including more than $11 million that will be used for housing for the mentally ill in Milwaukee. The highly competitive credits have a net value spread out over ten years and will be used to help fund multi-family developments throughout Wisconsin.
“One of my top priorities as Governor has been making housing more affordable for Wisconsin families,” Governor Doyle said. “These tax credit awards – worth more than $100 million – will create new rental living opportunities for working families, seniors, and other Wisconsin residents with special needs. I’m proud that today we are taking important steps forward to help provide clean, safe housing with on-site care for people in Wisconsin.”
This year, tax credits, which are administered by the Wisconsin Housing and Economic Development Authority (WHEDA), will go to 37 developments that will provide about 1,351 housing units. The tax credits will help finance units of new affordable housing in Adams, Barron, Beloit, Brillion, Caledonia, Chippewa Falls, Combined Locks, Glenwood City, Hayward, Keshena, Kewaskum, Lac du Flambeau, Milwaukee, Neopit, Odana, Pleasant Prairie, Racine, Rhinelander, Russell, Tomah, Wausau and Whitehall.
A wide range of recipients will receive the tax credits. For the first time, six Native American tribes will receive a total of nearly $19 million in tax credits for apartment buildings for low-income families living on tribal land. The Fairbanks Flats in Beloit, on Wisconsin Historical Society’s list of historical places, will receive nearly $2 million in tax credits for new townhouses. And, two of the participants in WHEDA’s Mentor-Protégé program that pairs a minority developer with a more experienced developer on a tax credit project will receive a total of $10 million in credits for projects on Milwaukee’s north side.
In exchange for receiving the tax credits, developers agree to reserve a portion of their housing units for lower- and moderate-income households for at least 15 years. Remaining units are rented at market rates to seniors and families without income limits.
Tax credit developments must meet high design and operating standards. Criteria include strong management, excellent development quality, demonstrated market need, provision of services and amenities, proper local zoning and permits, and service to households at various income levels.
“The affordable housing tax credit program is so popular because it is a public-private partnership,” WHEDA Executive Director Antonio Riley said. “Local communities can benefit from this program because these developments add to local property tax bases and contribute to attractive and economically vital neighborhoods.”
The Governor made the announcement in Milwaukee where three supportive housing developments will receive tax credits worth over $11 million. The Governor was at the future site of a 24-unit supportive housing facility for the mentally ill with on-site case management and counseling being developed by Heartland Housing of Chicago, in conjunction with the Milwaukee-based nonprofit Guest House. Heartland and Guest House will receive a total of $4 million in low income housing tax credits to renovate a vacant facility. St. Catherine’s on Milwaukee’s East Side, which provides services to women who are struggling with mental illness, physical disabilities, substance abuse problems and homelessness, is receiving over $3 million in tax credits for a 46-unit facility. United House, located at 25th and Center Streets, will receive just over $4 million in credits to provide services and housing to 24 individuals.
Since 1987, WHEDA’s award of housing tax credits has contributed to the construction of over 28,000 units of affordable housing throughout Wisconsin. This year WHEDA received 68 applications worth $223 million in tax credits. WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. For more information on WHEDA’s housing programs, call 1-800-334-6873 or visit WHEDA’s website www.wheda.com.
To see a complete list of recipients of affordable housing tax credits go to: http://www.wisgov.state.wi.us/docview.asp?docid=11051.
