The Wisconsin Housing and Economic Development Authority (WHEDA) recently allocated $17.1 million in affordable housing tax credits for 29 projects in the state, including 16 in southeastern Wisconsin.
The tax credits are awarded through the federal housing tax credit program.
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. The remaining units are rented at market rates.
Gov. Scott Walker enthusiastically endorsed the affordable housing tax credits.
“Affordable housing and economic development are essential components to getting our state’s economy back on track,” said Walker. “Each development awarded tax credits not only meets local housing needs, they also stimulate economic growth in the form of high-paying, family supporting jobs for our communities. With these tax credits, private developers are able to move forward with construction of properties that they would often time be unable to finance on their own.”
The projects in southeastern Wisconsin that received WHEDA tax credits include:
- Beloit Road Senior Housing, West Allis, 104 units, CDA of the City of West Allis, $686,065;
- Silvercrest – Arbor Green, Kenosha, 84 units, Bear Development, $632,802;
- Wilkinson Manor, Oconomowoc, 76 units, Crown Court Properties Ltd., $573,582;
- Maria Linden, Milwaukee, 72 units, General Capital Group, $926,326;
- Eisner Court Apartments, Sheboygan, 72 units, Burke Development Group, $343,894;
- Sherman Park Commons, Milwaukee, 68 units, Gorman & Company Inc., $727,633;
- Bradley Crossing, Brown Deer, 60 units, General Capital Group, $973,261;
- La Corona, Milwaukee, 55 units, Wisconsin Housing Preservation Corp., $356,773;
- Brewery Point Apartments, Milwaukee, 48 units, Commonbond Communities, $761,166;
- King Drive Common IV, Milwaukee, 45 units, Martin Luther King Economic Development Corp., $960,953;
- Northside Neighborhood Initiative, Milwaukee, 40 units, Gorman & Company Inc.
- NSP Scattered Sites, Milwaukee, 40 units, Brinshore Development LLC, $653,521;
- The Fountains of West Allis, West Allis, 35 units, Keystone Development LLC, $232,947;
- Avenue Lofts, Milwaukee, 32 units, Vangard Development Group LLC, $523,149;
- Pleasant View Townhomes, Plymouth, 24 units, Commonwealth Development Corp., $472,181;
- Parkview Gardens II, Caledonia, 23 units, Parkview Affordable Housing Partners PG2, $309,592.
Several developers applied for WHEDA tax credits for proposed developments in southeastern Wisconsin, but did not receive them. Four projects were ruling "ineligible" for the tax credits. Those projects include:
- Florist Gardens Apartments, Milwaukee, 80 units, Commonbond Communities;
- Granville Heights II Senior Housing, Milwaukee, 42 units, Horizon Development Group Inc.;
- Richland Senior Village, Richland, 24 units, CAP Services Inc.;
- Westpointe Redevelopment, Milwaukee, 22 units, Impact Seven Inc.;
Other projects were placed in “on-hold” status by WHEDA. Those projects include:
- Lapham Park, Milwaukee, 86 units, City of Milwaukee Housing Authority;
- Parkview III, Racine, 73 units, Parkview Affordable Housing Partners III LLC;
- Olive Branch Senior Apartments, Milwaukee, 60 units, Brinshore Development LLC;
- Mercy Senior Residences, Milwaukee, 55 units, Mercy Housing Lakefront;
- Riverview Commons Senior Living, Waukesha, 55 units, Alliance Housing Development LLC;
- Greenwich Park Apartments, Milwaukee, 54 units, Mercy Housing Lakefront;
- Fox Chase Apartments, Eagle, 48 units, SunStarr Real Estate Ventures LLC;
- Button Block Apartments, Milwaukee, 44 units, Taxman Investment Company;
- 734 Lofts, Milwaukee, 34 units, Vangard Group LLC;
- Residences on Main, Twin Lakes, 24 units, Bear Development.
