The Century City Housing Initiative will receive a tax credit totaling $850,000 from the Wisconsin Housing and Economic Development Authority (WHEDA) as part of its High Impact Project Reserve program.
The award will be presented by WHEDA Chief Operating Officer Brian Schimming today during a 2 p.m. press conference on the city’s north side.
The High Impact Project Reserve program was created in 2013 by WHEDA in order to fund what was deemed an impactful Low-Income Housing Tax Credit (LIHTC) project. The winning projects are selected in a “special round” of tax credits held later than the normal round of credits announced every spring.
The concept of the program is to reward a project that has “strong economic development or redevelopment attributes, has significant community support, and/or has a tangible impact on job creation, job retention or job training.”
According to WHEDA, the Century City Housing Initiative is one of two projects chosen to receive a tax credit award as part of WHEDA’s High Impact Reserve program. The second project is a multi-family development in Middleton called Meadow Ridge Middleton.
The Century City development represents an additional phase in Gorman &, Company’s Northside Housing Initiative designed to help stabilize and revitalize housing on Milwaukee’s north side.
The project trains 40 previously incarcerated individuals to perform construction trades in carpentry, plumbing, electrical, HVAC, roofing and siding. Jobs are created using local residents and housing stock in being restored in historic neighborhoods. These efforts are important to help attract and retain employers within Milwaukee’s 30th Street Corridor, one of the core areas in WHEDA’s Transform Milwaukee initiative.
