The Wisconsin Housing and Economic Development authority has Awarded the River Parkway Apartments and Townhomes development in Wauwatosa $1.55 million in federal Housing Tax Credits, while the Housing Authority of the City of Milwaukee’s next phase of its Westlawn project has been awarded a total of about $3.6 million in credits through the state Housing Tax Credits program.
The two projects were among the 35 in Wisconsin to be awarded tax credits by WHEDA. Of those projects receiving credits in 2019, 15 were for projects in southeastern Wisconsin.
In all, the $24.8 million in federal tax credits and $7.4 million in state tax credits awarded will go toward the construction of more than 2,300 rental units statewide.
The River Parkway senior-housing project would construct 136 units, with 92 of those to be affordable units. Minnesota-based MSP Real Estate Inc. is the project developer, and in December secured approval from city officials for its preliminary development plans.
Tamara Szudy, Wauwatosa principal planner, said the project would need approval on final development plans as well as on a certified survey map to combine sites at the project site.
The Westlawn project, meanwhile, was awarded $1.4 million in state credits and roughly $2.17 million in federal credits. The next phase for the project on Milwaukee’s northwest side includes the construction of 138 additional affordable units.
Additional projects in the region that were awarded tax credits include, among others:
- The 37th Street School Apartments in Milwaukee, which will add 43 affordable units, received a $775,687 tax credit.
- Merrill Park in Milwaukee, a 120-unit project that includes 100 affordable units, received a $899,840 tax credit.
- Thirteen31 Apartments in Milwaukee, which will build 89 new units with 74 of those being affordable units
- Ajax II in Racine, which will add 54 affordable units, received a $1,173,094 tax credit.
- The 72-unit Frame Park Commons in Waukesha, received a $448,446 tax credit.
- Kenosha’s Parkview Commons, which includes 96 affordable apartments, received a $793,724 tax credit.
The Milwaukee area specifically saw eight projects awarded a total of $10.4 million in federal and state tax credits.
WHEDA is the administrator of both the federal and state housing tax credit programs. The federal program was formed in 1986 to encourage private investment in the creation of rental housing for low- to moderate-income families, as well as elderly and disabled renters.
The state program, which is used in conjunction with the existing federal program, was signed into law in 2018. This marks the second year WHEDA has awarded housing tax credits through this program. Applicants for the state program are also required to apply for federal tax credits.
Since 1972, WHEDA has financed more than 73,000 affordable rental units, helped more than 129,600 families purchase a home and made more than 29,000 small business and agricultural loan guarantees.
“We strive to stimulate the state’s economy and improve the quality of life for Wisconsin residents by providing housing financing products,” said Ivan Gamboa, WHEDA board chairman. “Tax credits help us fulfill our mission by expanding housing opportunities throughout our great state.”