The Wisconsin Housing and Economic
Development Authority (WHEDA) today announced a State Housing Tax Credit award to
fund renovations at two multifamily developments. The tax credits, which are
distributed by WHEDA, will preserve 60 affordable housing units in Eau Claire
and Chippewa Falls.
WHEDA COO Brian Schimming made the
announcement at Englewood Apartments in Eau Claire, one of the state tax credit
awardees. The Wisconsin Housing
Preservation Corp. (WHPC) received $197,613 in State Housing Tax Credits for
the redevelopment of two apartment complexes:
Englewood Apartments in Eau Claire and Barrington Apartments in Chippewa
properties were built in 1982 and are in need of renovations to ensure that
affordable housing for existing residents is preserved for years to come. Renovations include replacing the roofs and
exterior doors as well as constructing a new, on-site community room at
Englewood Apartments. Unit renovations
include replacing kitchen appliances in all 60 units as well as complete kitchen
and bath renovations in 37 of the 60 units.
The updates also include installing property-wide Wi-Fi.
“The new state program is tremendous news for Eau Claire, Chippewa Falls
and the rest of the state,” said WHEDA COO Brian
Schimming. “The tax incentive for private investment in the development and
preservation of affordable housing is critical for our economy as it spurs
construction jobs and reduces rental cost burdens for families.”
property management company for Englewood Apartments in Eau Claire and
Barrington Apartments in Chippewa Falls, Cardinal Capital Management is
grateful to the State of Wisconsin and WHEDA for this State Tax Credit Award,”
said Erich Schwenker, President of Cardinal Capital Management. “This funding will allow substantial upgrades
to these family-housing sites to continue to allow us to offer quality housing
opportunities to low- and moderate-income residents.”
a leading provider of affordable housing in the State of Wisconsin,” said Mary
Wright, President of Wisconsin Housing Preservation Corp. “These State Tax Credit Awards, when combined
with Federal Tax Credits, will provide over $5 million in funding to
rehabilitate and improve quality housing choices in Eau Claire, Chippewa Falls
and Superior that support residents at low- and moderate- income levels.”
WHEDA received 15 applications this year representing $10.4
million in requests. With a total available pool of approximately $7 million,
this demonstrates the continued need for affordable housing in Wisconsin. State
tax credits are awarded over a six-year-period and this year’s allocation will
generate nearly $40 million in credits over their lifespan. In exchange for
receiving the state tax credits, developers agree to reserve a portion of their
housing units for low- and moderate-income households for at least 30 years.
Remaining units are rented at market rates to seniors and families without
The state tax credits will help finance affordable housing units
in the following communities: Chippewa Falls, Eau Claire, Fitchburg, Green Bay,
Pleasant Prairie, River Falls, Sheboygan and Superior.
WHEDA also administers federal housing tax credits. The new state tax credit
program will be matched with $6.6 million in federal 4% tax credits increasing
the leverage and enabling more affordable housing across the state. Overall,
the new state program will generate $191 million in total development.
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.
Go to www.wheda.com for a complete listing of 2018 State Housing Tax
For over 45 years, WHEDA, as an independent state authority, has provided low-cost
financing for housing and small business development in Wisconsin. Since
1972, WHEDA has financed more than 73,000 affordable rental units, helped more than
125,800 families purchase a home and made more than 29,000 small business and
agricultural loan guarantees. For more
information on WHEDA programs, visit wheda.com or call 800-334-6873.