The Wisconsin Housing and Economic Development Authority will distribute $17.1 million in Affordable Housing Tax Credits to create housing project developments across the state and create about 1,200 construction jobs, according to a news release from Gov. Scott Walker’s office.
The tax credits will move forward 29 developments that will create 1,400 units of affordable rental housing, according to the release.
WHEDA received 59 applications this year representing nearly $37 million in requests. Tax credits are awarded over a 10-year period through the federal housing tax credit program. The 2011 awarded tax credits are worth more than $171 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 tax credits will help finance units of new affordable housing in towns, including Appleton, Caledonia, Fond du Lac, Rhinelander, Richland Center and Wausau. Projects receiving tax credits include assisted living facilities, elderly housing and transitional housing for families at risk.
Visit wheda.com for a complete listing of all 2011 tax credit allocations.