HIPR Tax Credit Awardees Announced

WHEDA announces High Impact Project Reserve Tax Credit awardees Projects in Middleton, Milwaukee selected to receive $850,000 each in tax credits

The Wisconsin Housing and Economic Development Authority (WHEDA) has announced Low-Income Housing Tax Credit (LIHTC) awards in Middleton and Milwaukee for its 2015 High Impact Project Reserve program. Meadow Ridge Middleton, a 95-unit multifamily development in Middleton, and the Century City Homeowners Initiative (CCHI) in Milwaukee will each receive a tax credit award of $850,000.

The High Impact Project Reserve (HIPR) was created in 2013 by WHEDA in order to fund a particularly impactful Low-Income Housing Tax Credit project. The winning projects are selected in a “Special Round” of tax credits held later than the normal round of LIHTCs announced annually in the spring. The HIPR concept is to award LIHTCs to a project that has strong economic development or redevelopment attributes, has significant community support, and/or has a tangible impact on job creation, job retention or job training.

“I’m delighted these excellent projects are the recipients of these special tax credits,” said WHEDA Executive Director Wyman Winston. “Tremendous job creation is taking place within a two-mile radius of Meadow Ridge Middleton. The new units being developed by JT Klein, Inc. will provide much-needed workforce housing to support those jobs.”

The newly constructed Spectrum Brand Headquarters is one-half mile from Meadow Ridge Middleton and employs 560 workers. In addition, the Meriter Health Clinic, currently under construction, is about one-third of a mile from the development and is expected to create 500 jobs.

CCHI is the second recipient of tax credits under the HIPR program. This development represents an additional phase in Gorman & Company’s Northside Housing Initiative that has proven to help stabilize and revitalize housing stock and neighborhoods on Milwaukee's north side.

“All six of Gorman & Company’s Northside Housing phases have helped restore historic homes while training local residents for construction jobs within the Transform Milwaukee initiative area,” said Winston. “I’m confident Gorman’s next phase will also be successful, which is good for the economy of Milwaukee and the state.”

Eight HIPR applications were received during this special round seeking nearly $5.5 million in tax credits. In April 2015, WHEDA awarded $12.5 million in LIHTC statewide as part of its annual tax credit award cycle.

The HIPR award announcements were made at news conferences in Middleton and Milwaukee today by WHEDA Chief Operating Officer Brian Schimming.

WHEDA was created in 1972 by the Wisconsin Legislature to provide low‐cost financing for housing, small business and agricultural development. Since 1972, WHEDA has financed more than 77,000 affordable rental units, helped more than 118,000 families purchase their first homes and made more than 29,000 small business and agricultural loan guarantees. For more information, visit wheda.com or call 1-800-334-6873.