Gov. Tony Evers on Tuesday announced 34 projects throughout the state will receive $31.9 million in state and federal affordable housing credits to support the construction of more than 2,000 affordable units.
The tax credit awards from the Wisconsin Housing and Economic Development Authority will support projects in 23 cities. The agency fielded $61 million in total requests for the tax credits.
“We have to connect the dots between housing security and economic development for our workforce to keeping kids in the classroom,” Evers said in a statement. “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.”
Under the program, developers who are awarded tax credits can sell them to investors to raise money for a housing project — as long as they promise to set aside part of the development for low-income tenants. Investors who buy the tax credits can use them to receive a reduction in their federal taxes over a 10-year period.
Of all the credits awarded in Wisconsin in this round of awards, Dane County got nearly half — and about twice as much as Milwaukee County. Projects in the county will get about $15.4 million in total, aid coming from both a federal 9% tax credit program and another program in which the state and federal governments each provide 4% matches.
The largest single award goes to Madison’s Bayview Townhouses, which will get $2.6 million in total state and federal tax credits. The Ella Apartments, also in Madison, will get $2.4 million in state and federal support.
In addition, Madison’s Fourteen02 Park Apartments will get nearly $2 million and the Sun Prairie Senior Apartments will get $1.7 million.
The round of awards will send about $7.4 million in tax credits to Milwaukee County projects
The Housing Authority of the City of Milwaukee’s latest phase of its Westlawn Renaissance development will receive about $1.5 million in federal tax credits — the largest award in this round of credits.
In addition, Horizon Development’s Cedar Glen II senior apartment project in Wauwatosa will get $1.3 million and Eighteen87 on Water in Milwaukee will get $1.2 million in federal credits.Follow @natebeck9