Governor Doyle Announces $10 Million for Affordable Housing Projects Statewide

Madison - Governor Jim Doyle today announced that the Wisconsin Housing and Economic Development Authority (WHEDA®) is allocating $10 million in Affordable Housing Tax Credits to 31 housing developments across Wisconsin.

The tax credits will help finance units of new affordable housing in Arcadia, Clintonville, Green Bay, La Crosse, Lancaster, Madison, Menomonie, Milwaukee, Oshkosh, Rhinelander, River Falls, Stevens Point, Tomah, Washburn, Waupaca, West Allis and Wisconsin Rapids. Information on each of the developments receiving tax credits is attached.

"These tax credit awards--worth nearly $100 million over ten years--will create new rental living opportunities for working families, the elderly and other Wisconsin residents with special needs," Governor Doyle said. "Without WHEDA's distribution of these tax credits, private developers likely would be unable to proceed with construction."

WHEDA awards housing tax credits annually on a competitive basis. This year's applications represented over $22 million in requests.

"This program stimulates affordable housing development that meets local needs while adding value to local communities," Governor Doyle said. "Whether the developer is private developer or a nonprofit organization, the goal is to provide affordable living opportunities for residents."

WHEDA Executive Director Antonio Riley said WHEDA received 58 applications for 2006.

"The affordable housing tax credit program is so popular because it is a public-private partnership," Riley said. "Local communities can benefit from this program because supported developments add to local property tax bases and contribute to attractive and economically vital neighborhoods."

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.

In all, the 31 developments receiving credits this year will provide about 1,569 housing units, meaning that over 93 percent of the units will be reserved for people with lower incomes.

Tax credit developments 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.

Since 1987, WHEDA's award of housing tax credits has contributed to the construction of about 27,000 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 can be found by browsing the Multifamily Professionals area of this web site.