Gov. Evers, WHEDA Announce $36.6 Million in Awards for Multifamily Housing Tax Credit Developments

MADISON, Wis. — Gov. Tony Evers and Wisconsin Housing and Economic Development Authority (WHEDA) CEO and Executive Director Elmer Moore, Jr., announced today that multifamily housing developers statewide will soon receive $36.6 million in housing tax credits.

“The need for affordable housing continues to be one of the issues I hear most about as I travel across our state—from our most rural communities to the heart of our largest cities,” said Gov. Evers. “Having reliable, affordable housing affects our workforce, our economy, our kids in school, and a family’s ability to get ahead. That’s why I’m proud of our continued efforts to address these challenges and our partnership with WHEDA as we work to make sure Wisconsin has the housing we need to support the needs of all individuals and families.”

In total, 27 developments in 13 counties will provide 1,731 new affordable housing units in 23 rural, small urban, and urban communities struggling to provide housing for working families. Based on the average household size in Wisconsin of 2.35 people, this results in housing for about 4,068 people, potentially more. WHEDA received more requests from developer partners than funds available, underscoring the need for assistance to complete these much-needed housing developments.

“People across Wisconsin deserve decent, stable housing,” said WHEDA CEO and Executive Director Moore. “Housing tax credits remain one of the most powerful tools available to developers to create more safe, affordable homes and strengthen communities throughout the state.”

Most projects are new construction (21), and the remaining are rehabilitation (4) or adaptive reuse projects (2). While most developments are designed to accommodate families (17), many are suited for seniors (10). Sixty-three percent are funded in the general category, while 37% are from the rural and small urban category. Complete lists of the Federal 9% and State/Federal 4% awards are available here.

WHEDA is Wisconsin’s sole administrator of federal and state affordable housing tax credits. The programs do not subsidize renters; instead, they provide tax incentives through the Internal Revenue Code and the Wisconsin Tax Code that encourage developers to create affordable housing. In exchange for the tax credits, developers agree to reserve housing units for low- and moderate-income households for at least 30 years. Any remaining units are rented at market rates.