Wisconsin Housing and Economic Development Authority (WHEDA), through its
Community Development Entity, the Greater Wisconsin Opportunities Fund, Inc.
(GWOF), is the recipient of $75 million in New Markets Tax Credits (NMTCs) by
the U.S. Department of the Treasury. GWOF is a coalition of seven Community
Development Financial Institutions (CDFIs) and WHEDA.
The tax credits are a resource to help fuel job creation and economic
development efforts by promoting equity investment in low-income urban and
rural communities. WHEDA allocates NMTCs to enhance financing for projects in
highly distressed areas throughout Wisconsin that have demonstrable community
“WHEDA is delighted to announce this terrific news that will create jobs and
generate economic activity throughout Wisconsin,” said WHEDA Executive Director
Wyman Winston. “Prior to this round, the $500 million in New Markets Tax
Credits WHEDA and its partners won since 2004 created and/or retained thousands
of jobs in local communities. Tax credit recipients have included
manufacturers, small technology firms, central city shopping centers,
commercial real estate developments, retail stores, hotels, and health care
facilities. Tax credit investments have positive and immediate effects on
communities. Wisconsin’s economy will benefit from this exciting news.”
Winston said receiving the tax credits will be extremely helpful to Milwaukee.
“As was the case in previous years when WHEDA attained tax credits, a good
portion of the tax credits will once again be used to invest in projects in the
Transform Milwaukee area to continue our strong commitment to revitalizing
Wisconsin’s first-class city,” Winston added.
Milwaukee is a public- private partnership focusing on restoring economic
prosperity to five major industrial cores of the city of Milwaukee including
Riverworks, the 30th Street Industrial Corridor, Menomonee Valley, Harbor
District, and Aerotropolis, including General Mitchell International Airport.
program, originated by Congress in 2000, provides individual and corporate tax
incentives to investors who make equity investments in Community Development Entities,
such as GWOF, which invest in rural and urban low-income communities.
Businesses involved in NMTC deals can obtain benefits including lower interest
rates on loans, interest-only payments for seven years, non-traditional
financing not available in the marketplace and access to a reduced cost of
capital. Communities benefit from jobs created through investments as well as
greater access to public facilities, goods, and services.
The U.S. Department of the Treasury’s Community Development Financial
Institutions Fund (CDFI Fund) announced that 120 organizations nationwide will
receive a total of $7 billion in New Markets Tax Credit awards. This is the
largest single award round since the New Markets Tax Credit Program was created
GWOF is composed of the following entities: Cap Services of Stevens Point,
Forward Community Investments, Impact Seven, Legacy Redevelopment Corporation, First
American Capital Corporation, the Northwest Side Community Development
Corporation, the Wisconsin Women’s Business Initiative Corporation, and WHEDA.
WHEDA is an independent state
authority that works with lenders to provide low-cost financing for housing and
small business development in Wisconsin. For more information on WHEDA
programs, visit www.wheda.com or call 1-800-334-6873.