The Wisconsin Housing and Economic Development Authority (WHEDA) recently announced the recipients of this year’s first round of low income housing tax credit allocations.
Thirty-seven affordable housing developments in Wisconsin will move forward looking for investors for those tax credits. This first round of allocations, worth $300 million over 10 years, will generate 2,486 units of affordable housing, creating more than 3,000 construction-related jobs.
During an average year, WHEDA has approximately $100 million in tax credits to allocate. A provision in 2008’s Emergency Economic Stabilization Act allowed for even larger allocations to states with federally-declared disaster areas. Wisconsin received more than three times its allocation due to the flooding the southern third of the state experienced last spring.
In exchange for receiving the tax credits, developers agree to reserve a portion of their housing units for lower- and moderate-income households for at least 15 years. Remaining units are rented at market rates to seniors and families without income limits.
The developments in southeastern Wisconsin that received low income housing tax credits are:
Franklin Square, Milwaukee, 36 units, $945,123 tax credit, Brinshore Development LLC.
Harborside Commons, Kenosha, 89 units, $1,039,992, Silverstone Partners Inc.
Heart and Hope Place, Milwaukee, 24 units, $674,248, Brinshore Development LLC.
Hide House Lofts, Milwaukee, 60 units, $1,096,582, General Capital Group.
Schiffer’s Landing, Sheboygan, 54 units, $707,822, The Hovey Companies LLC.
United Townhomes, Milwaukee, 24 units, $678,753, United Christian Church Inc.
Villard Square: Grandfamily Milwaukee, Milwaukee, 47 units, $768,129, Gorman & Company Inc.
Bishop’s Creek Family Housing, Milwaukee, 55 units, $849,293, CommonBond Communities.
Shiloh Manor at Five Points, Milwaukee, 45 units, $712,009, Volunteers of America National Service.
Camelot Manor Apartments, Sheboygan, 76 units, $513,977, John J. Burke Development Group.
Eisner Court Apartments, Sheboygan, 72 units, $405,824, John J. Burke Development Group.
Hampton Regency, Butler, 120 units, $612,142, Wisconsin Housing Preservation Corp.
Olga Village, Milwaukee, 37 units, $828,945, Housing Authority of the City of Milwaukee.
Ridgeview Apartments, Milwaukee, 150 units, $625,844, Sidney Kohl Company.
Sheridan/Lincoln Apartments, Kenosha, 48 units, $372,904, John J. Burke Development Group.
St. Nicholas Apartments, Sheboygan, 100 units, $421,555, John J. Burke Development Group.
Westridge Apartments, Milwaukee, 150, units, $628,552, Sidney Kohl Company.
Empowerment Village – Lincoln, Milwaukee, 30 units, $620,824, Cardinal Capital Management Inc.
Empowerment Village – National, Milwaukee, 35 units, $724,092, Cardinal Capital Management Inc.
Johnson Center Residences-New Construction, Milwaukee, 43 units, $616,395, Mercy Housing Lakefront.
Veterans Manor, Milwaukee, 52 units, $1,055,214, Center for Veterans Issues Ltd.
“These are very strong developments that will have a positive impact in the communities where they’re built,” said WHEDA executive director Antonio Riley. “This year is a very different year for the tax credit program. We have millions more in credits to allocate, but the market for purchasing these credits has become much more challenging. Last year, WHEDA allocated $113 million in tax credits, which created about 1,300 construction-related jobs in this state. If, by the end of the year we successfully allocate all $380 million in tax credits, we’ll have created over 4,000 construction-related jobs.”