WHEDA Awards State Housing Tax Credits in Green Bay
September 06, 2018
The Wisconsin Housing and Economic Development Authority (WHEDA) today announced a State Housing Tax Credit award to fund a multifamily development in Green Bay. The tax credits, which are distributed by WHEDA, will create 107 units of affordable rental housing.
WHEDA COO Brian Schimming made the announcement at the future site of Broadway Lofts in Green Bay. Developer TWG Development, LLC received $764,627 in tax credits for the new construction of affordable family housing. The development will consist of one-, two- and three-bedroom units as well as the construction of 14, three-bedroom townhome style units. Located near North Broadway and Kellogg Street, residents will be able to access businesses and services along one of Green Bay’s central corridors.
“The new state tax credit program is tremendous news for Green Bay and the rest of the Wisconsin,” 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 Wisconsin residents.”
“This project is a great fit for the northern portion of the Rail Yard, bringing much-needed affordable residential rental units to the heart of the City, enabling downtown workers to live near their place of employment,” said City of Green Bay Development Director Kevin Vonck. “We are delighted that TWG, a well-respected developer and property manager, selected Green Bay for this project.”
“TWG Development is excited for the opportunity that the Wisconsin State Tax Credit offers. Broadway Lofts is the creation of much-needed workforce housing in downtown Green Bay,” Jonathan Ehlke, Development Director for TWG. “TWG is grateful for the support of the City of Green Bay, the Green Bay Housing Authority, the Brown County Housing Authority, the Green Bay Redevelopment Authority, DDL Holdings, and WHEDA. Each party’s participation has been critical to move this important development forward.”
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 income limits.
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.