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New funding resource for 2020 and 2021 housing tax credit projects
In April, Gov. Evers announced that $20 million in American Rescue Plan Act (ARPA) funding would be made available to developers to help fill shortages in capital sources needed for multifamily housing projects that received federal or state housing tax credits in 2020 or 2021. During the application process, WHEDA received grant requests totaling more than $38 million from developer partners, underscoring the need for assistance to complete these much-needed housing developments. In addition to $5 million in added ARPA funds, WHEDA is adding another $7.4 million using its federal allocation of National Housing Trust funds, bringing the total funding available to $32.4 million and supporting 85 percent of the total requested project funding.In total, 22 developments in 11 counties will provide nearly 1,200 new affordable housing units, not only in urban settings but also in rural communities that struggle to provide housing for working families.
Contact Emily Francis at emily.francis@wheda.com with questions regarding WHEDA’s housing tax credit program.