GOVERNOR ANNOUNCES AFFORDABLE HOUSING TAX CREDITS
WHEDA awards $9.5 million in credits to 32 proposed developments
Madison - (April 10, 2003) - Governor Jim Doyle today announced federal
tax credit awards
to 32 Wisconsin housing developments totaling $9.5 million. The tax credits
will help finance an estimated 1,626 units of new affordable housing.
The allocation was made through the federal housing tax
credit program administered in the state by the Wisconsin Housing and
Economic Development Authority (WHEDA®).
"WHEDA's distribution of these tax credits to private
developers will provide new opportunities for working families and the
elderly to find first-rate affordable housing," Governor Doyle said.
According to Antonio Riley, WHEDA Executive Director, the
housing tax credit program differs markedly from traditional government
housing programs because it is a public-private partnership that stimulates
development of affordable housing.
"This program enables private developers - both for-profit
and not-for-profit - to provide quality housing comparable to nearby
market-rate units at more affordable rental prices," Riley said.
In exchange for receiving the tax credits, developers agree
to reserve a portion of their housing units for moderate-income households
for at least 15 years. Remaining units are rented at market rates to
seniors and families without income limits.
Governor Doyle said local communities benefit because
supported developments become new assets, adding to local property tax
bases
and contributing attractive designs that complement and strengthen
neighborhoods.
Local zoning and plan commissions retain their power to
decide how much rental housing is needed and where it should be.
WHEDA awards housing tax credits annually on a competitive
basis. This year's applications represented more than $19 million in tax
credit requests.
Proposals must meet high design and operating standards.
Criteria include strong management, excellent development quality,
demonstrated market need, provision of services and amenities, proper
local
zoning and permits, and service to households at various income levels.
"In response to WHEDA's call for high-quality housing that
helps build and strengthen communities, many tax credit developments offer
tenants a wide range of on-site services," Riley said. "These
include
accessibility features, community meeting space, transportation, meal
services and wellness monitoring."
Since 1987, WHEDA's award of housing tax credits has
contributed to the construction of more than 23,500 units of affordable
housing throughout Wisconsin.
WHEDA is Wisconsin's state housing authority. WHEDA serves
Wisconsin residents and communities by working with other organizations
to
provide creative financing resources and information. Its goal is to
stimulate and preserve affordable housing, small business, and agribusiness.
WHEDA's housing programs receive no state tax revenue assistance.
Additional information about the housing
tax credit program awards is available online.
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