Evers, WHEDA announce over $32M in federal, state tax credits for affordable housing developers
Gov. Evers and Wisconsin Housing and Economic Development Authority (WHEDA) CEO and Executive Director Elmer Moore, Jr., announced in a press release Wednesday that developers of affordable multifamily housing will receive over $32 million in federal and state tax credits to help address Wisconsin’s housing shortage.
In total, 23 developments will receive tax credits that will provide over 1,500 new affordable housing units in both urban and rural communities that seek housing for their workers, families, and seniors. During the application process, WHEDA received $59 million in tax credit requests from developers, underscoring the need for funding resources to complete these much-needed housing developments.
A total of $15.9 million in federal 9% housing tax credits have been awarded to fund 13 developments, and $7.9 million in state housing tax credits will fund 10 developments.
The award of the state housing tax credits triggers the availability of $8.4 million in federal 4% housing tax credits for these projects. In all, the tax credits support the development of a total of 1,587 units, which include 1,474 low- to moderate- income units for those earning at or below 60% of the area median income.
Communities with projects receiving housing tax credit awards include Baraboo, Brown Deer, Greenfield, Hudson, La Crosse, Madison, Manitowoc, Milwaukee, Oregon, Prairie du Chien, Racine, Reedsburg, Stoughton, Viroqua, Waupaca, and Wausau.
The $15.9 million in federal 9% tax credits are worth $138 million over the 10-year lifespan of the credits. The state credits are worth $34 million over a six-year lifespan and the federal 4% tax credits are worth $75 million over a 10-year lifespan.