WHEDA Tax Credits Awarded to NEWCAP, Inc Will Add Workforce Housing in Marinette
Gov. Walker says jobs created by U.S. Navy contract tremendous news for WI
MADISON – NEWCAP, Inc., a locally controlled, private, not-for-profit, human services organization in Oconto, WI, has been awarded a Special Round of Competitive 2011 Low Income Housing Tax Credits (LIHTC) worth up to $700,000. Wisconsin Housing and Economic Development Authority (WHEDA) Executive Director Wyman Winston announced in June the creation of the tax credits through WHEDA’s Credit Reserve fund to be awarded following an application process. Credits are designated specifically toward adding quality workforce housing for families in Marinette, Wisconsin.
“The Marinette Marine Corporation’s contract to build up to 10 Littoral Combat Ships means over a thousand jobs will be created,” said Wisconsin Governor Scott Walker. “That’s tremendous news for Wisconsin’s growing economy and I’m pleased WHEDA can respond to the increasing housing need the new jobs will bring.”
“WHEDA is thrilled to address the influx of new workers in Marinette who will need a place to live by awarding these special tax credits as a response to the huge economic impact,” said WHEDA Executive Director Wyman Winston. “There were strong applicants for the credits. NEWCAP met the required tax credit threshold and scoring criteria. I am confident NEWCAP will provide a quality development that Marinette will be proud of.”
Marinette Marine Corporation’s contract with the U.S. Navy calls for the building of 10 Littoral Combat Ships. These are fast, agile ships designed to operate in coastal areas that can execute focused missions close to the shore such as mine warfare, anti-submarine warfare and surface warfare. Construction on two ships is already underway. The future USS Fort Worth is near completion. The future USS Milwaukee is in the early stages of construction.
Tax credits are awarded over a ten-year-period 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.
WHEDA is a public body corporate and politic created in 1972 by the Wisconsin Legislature that provides low‐cost financing for housing and small business development in Wisconsin. Since 1987, WHEDA’s award of housing tax credits has contributed to the construction and rehabilitation of over 42,000 units of affordable housing throughout Wisconsin. For more information on the LIHTC program, call 1-800-334-6873 or browse this web site.