WHEDA Awards $14 million in Low-Income Housing Tax Credits Statewide

Wisconsin Lieutenant Governor Rebecca Kleefisch today announced the award of more than $14 million in Low-Income Housing Tax Credits (LIHTC) to fund affordable housing developments across Wisconsin. The tax credits, which are distributed by the Wisconsin Housing and Economic Development Authority (WHEDA), will move forward 28 developments that will create 1,307 units of affordable rental housing.

“Affordable housing and economic development go hand in hand to build strong neighborhoods,” said Lt. Governor Kleefisch. “The developments awarded tax credits today will provide new housing opportunities and spark economic growth in our communities. These valuable tax credits make it possible for private developers to finance vital projects they wouldn’t ordinarily be able to do on their own.”

Lt. Governor Kleefisch made the announcement in Madison at the site of the Mifflin Street Apartments which received LIHTC in WHEDA’s 2016 awards cycle. Another award announcement was held earlier today in Milwaukee.

WHEDA received 39 applications this year representing $19.4 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 Bayfield, Colby, Fond du Lac, Grand Chute, Madison, Merrill, Milwaukee, Nekoosa, New London, Oshkosh, Prairie du Chien, Sheboygan, Sparta, Superior, and Wausau.

Tax credits are awarded over a ten-year-period through the federal housing tax credit program. The 2016 awarded tax credits are worth over $142 million over their 10-year lifespan. In exchange for receiving the tax credits, developers agree to reserve a portion of their housing units for lowerand moderate-income households for at least 30 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.

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.

“Low-Income Housing Tax Credits create incredible economic activity in Wisconsin worth millions of dollars,” said WHEDA Executive Director Wyman Winston. “Our goal is to attract private equity capital for rental housing production of the highest standards. The tax credit program is effective and is a reflection of the dedication, commitment, and outstanding work of Wisconsin’s housing professionals that supply safe, quality housing.”

“WHEDA is delighted to administer this federal resource that continues to be one of the state’s most successful public-private partnerships,” said Winston.

This marks the 30th year for the LIHTC program. WHEDA has been the sole administrator for LIHTCs in Wisconsin since the federal program began in 1986. Since 1986 WHEDA has awarded nearly $342 million in LIHTCs resulting in the development and rehabilitation of more than 53,000 units of rental housing for low- to moderate-income families, seniors and persons with special needs.

Go to www.wheda.com for a complete listing of 2016 Low-Income Housing Tax Credit awards.

WHEDA was created in 1972 by the Wisconsin Legislature to provide low-cost financing for housing, small business and agricultural development. Since 1972, WHEDA has financed more than 77,000 affordable rental units, helped more than 120,000 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.