Seven apartment projects in southeast Wisconsin totaling 657 affordable apartment units have been awarded low-income housing tax credits by the State of Wisconsin. The projects are among 27 statewide that received tax credits, according to a Friday announcement from the Wisconsin Housing and Economic Development Authority (WHEDA). Two different grant programs exist. One provides a
Seven apartment projects in southeast Wisconsin totaling 657 affordable apartment units have been awarded low-income housing tax credits by the State of Wisconsin.
The projects are among 27 statewide that received tax credits, according to a Friday announcement from the Wisconsin Housing and Economic Development Authority (WHEDA).
Two different grant programs exist. One provides a 9% federal tax credit and the other provides a 4% federal and 4% state income tax credit. WHEDA administers both programs.
Local projects awarded 4% state and federal housing tax credits include:
4220 35th: 94 affordable units for seniors that would be built on a currently vacant lot at 4220 35th Ave. in Kenosha. The project, proposed by Kenosha-based CDA Housing Inc. and Bear Development, will receive about $2 million in tax credits.
2711 W. Wells: 124 affordable units for seniors as part of a renovation of 2711 W. Wells St. on Milwaukee’s near west side, which was once home to Doctors Hospital. The project is proposed by nonprofit Milwaukee Development Corp., a subsidiary of the Metropolitan Milwaukee Association of Commerce, and will receive about $2.65 million in tax credits.
Midtown Commons: 100 affordable units at the Midtown Center on Milwaukee’s northwest side. The units would be built next to a vacant former Walmart store. The development team includes Oregon, Wisconsin-based Gorman & Co., Milwaukee-based One 5 Olive and Wisconsin Preservation Fund Inc. and will receive about $2.35 million in tax credits.
Austin Commons: 100 affordable units for seniors that would be built at 2318 through 2332 S. Austin St. in Milwaukee’s Bay View neighborhood. Proposed by Milwaukee-based Northernstar Cos., the project will receive about $1.9 million in tax credits.
Fox Meadowview: 144 units proposed in Kenosha by CDA Housing Inc. and Bear Development.
[caption id="attachment_606207" align="alignleft" width="328"] Wauwatosa North Apartments. Rendering from Dimension IV[/caption]
Projects awarded 9% federal housing tax credits include:
Wauwatosa North Apartments: 55 affordable housing units that would be part of the first phase of a project at the northern tip of the Mayfair Collection development site in Wauwatosa. Proposed by West Allis-based MSP Real Estate, the project will receive $1.2 million in tax credits.
Fairview Crossing Apartments: 64 affordable housing units that would be created as part of rehabbing an existing apartment complex at 716-744 S. Pleasant View Road in Plymouth. Proposed by Crown Court Properties and Kingston Properties, the project will receive about $1 million in tax credits.
The credits are the most common tool used in Wisconsin to create federally defined affordable housing, where rent costs do not exceed 30% of a household’s gross income. Receipt of the credits requires developers to set aside pre-determined units at a discounted rate for those making no more than 60% of the area’s median income.
In total, 27 developments in 13 counties providing 1,731 new affordable housing units were awarded tax credits this cycle.
Most projects are new construction (21), and the remaining are rehabilitation (4) or adaptive reuse projects (2). While most developments are designed to accommodate families (17), many are suited for seniors (10), according to the announcement.
“People across Wisconsin deserve decent, stable housing,” said WHEDA CEO Elmer Moore, in the announcement. “Housing tax credits remain one of the most powerful tools available to developers to create more safe, affordable homes and strengthen communities throughout the state.”
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