Contact: Kevin Fischer, WHEDA, 414-227-2295 or 608-354-3580
23 projects expected to create more than 1,000 construction jobs and 1,006 affordable housing units
MADISON – Wisconsin Lieutenant Governor Rebecca Kleefisch today announced the award of $11.5 million in Low-Income Housing Tax Credits to fund affordable housing project developments across Wisconsin that will create approximately one thousand construction jobs. The tax credits, which are distributed by the Wisconsin Housing and Economic Development Authority (WHEDA), will move forward 23 developments that will create 1,006 units of affordable rental housing.
“In order to revitalize our state’s economy, affordable housing and economic development must play key roles,” said Lt. Governor Kleefisch. “Developments being awarded tax credits today address local housing needs and they stimulate economic growth through family supporting jobs for our communities. The beauty of these tax credits is that they provide opportunities for private developers to fund projects that they might not ordinarily be available to finance on their own.”
Lt. Governor Kleefisch made the announcement in Ripon this morning. The Jefferson Street Apartments in Ripon is one of the projects that was awarded tax credits. Another announcement was scheduled in Milwaukee Thursday afternoon.
WHEDA received 59 applications this year representing nearly $33 million in requests, demonstrating the highly competitive nature of the federal tax credits. The tax credits will help finance affordable housing units in communities including Antigo, Bayfield, Brown Deer, Burlington, De Pere, Hayward, Kenosha, Madison, Manitowoc, Milwaukee, Ripon, Shawano, Watertown, Waukesha and Wisconsin Rapids.
Tax credits are awarded over a ten-year-period through the federal housing tax credit program. The 2013 awarded tax credits are worth over $115 million over their 10-year lifespan. 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 Low-Income Housing Tax Credits we award today pump an estimated $175 million into economic activity in Wisconsin,” said WHEDA Executive Director Wyman Winston. “Our goal is to attract private equity capital for quality rental housing production. The tax credit program is effective, a reflection of the dedication and commitment of Wisconsin’s housing professionals that supply safe, quality housing options.”
“WHEDA is proud to administer this federal resource that continues to be one of the state’s most successful public-private partnerships,” said Winston.
Click the following link for a complete listing of all 2013 tax credit awards. http://www.wheda.com/root/uploadedFiles/Website/LIHTC/Allocating/2013awards.xlsx
WHEDA is a public body corporate and politic created in 1972 by the Wisconsin Legislature that provides low‐cost financing for housing, small business and agricultural development. Since 1972, WHEDA has financed more than 68,000 affordable rental units, helped more than 110,000 families purchase their first homes and made more than 29,000 small business and agricultural loan guarantees. For more information, visit wheda.com or call 1-800-334-6873.
