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The Mill Road Library at 7717 W. Good Hope Road, will include 65 mixed-income apartment units above a 17,500 square foot library.[/caption]
Seven Milwaukee-area real estate development projects were awarded $3.7 million in Low-Income Housing Tax Credits (LIHTC) Tuesday from the Wisconsin Housing and Economic Development Authority.
A total of $13.4 million in LIHTC credits were awarded to projects across the state that will create 1,652 affordable rental housing units.
The announcement was made at Haymarket Lofts in Milwaukee, a 2015 tax credit awardee developed by Herman & Kittle and Lutheran Social Services. Haymarket Lofts developers were again awarded tax credits this year for a senior housing project in Franklin.
The following Milwaukee-area projects will receive tax credits:
- Clarke Square Apartments, Milwaukee, Cardinal Capital Management, Inc., $563,710
- Holton Terrace LLC, Milwaukee, Housing Authority of the City of Milwaukee, $550,000
- Villard Commons, Milwaukee, Brinshore Development, $538,500
- Mill Road Library redevelopment, Milwaukee, Royal Capital Group, $119,721
- Westlawn Renaissance III LLC, Housing Authority of the City of Milwaukee, 100,492
- Townhomes at Penn Place, Cudahy, Bear Development, LLC, $1.28 million
- The Lakeview at Franklin, Lutheran Social Services, $534,821
The LIHTC program was created in 1986 to encourage private investment in the development and rehabilitation of rental housing for low- to moderate-income families, seniors and persons with special needs. The program, along with other tax credit programs including the historic tax credit and new markets tax credits make it possible for developers to finance projects.
WHEDA has been the sole administrator for LIHTC in Wisconsin since the federal program began. Since 1972, WHEDA has financed more than 73,000 affordable rental units, helped more than 125,800 families purchase a home and made more than 29,000 small business and agricultural loan guarantees.