WHEDA Awards $12.6 Million in Affordable Housing Tax Credits Statewide

Press Release

Governor Scott Walker today announced the award of $12.6 million in Affordable Housing Tax Credits to fund 21 housing developments in Wisconsin. The tax credits, which are distributed by the Wisconsin Housing and Economic Development Authority (WHEDA), are projected to create 1,816 jobs and 1,292 affordable rental housing units.

"I'm pleased to announce these tax credit awards that will result in much needed job creation and affordable housing for Wisconsin," said Governor Scott Walker. "Private developers can now move forward with construction of properties that may have been difficult to obtain financing on their own."

Governor Walker made the announcement at the future site of Oconomowoc School Apartments. The development will receive over $624,000 in tax credits to convert a former school building into 55 affordable rental units for Oconomowoc-area families.

WHEDA received 74 applications this year representing approximately $49 million in requests, a reflection of the highly competitive nature of the federal tax credits. Tax credits are awarded over a ten-year-period through the federal housing tax credit program. The 2012 awarded tax credits are worth over $126 million over their 10-year lifespan. In exchange for receiving the tax credits, developers agree to reserve a portion of their housing units for lower- and moderate-income households for up to 15 years. Remaining units are rented at market rates to seniors and families without income limits.

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.

The tax credits will help finance units of new affordable housing in rural and urban communities including Berlin, Caledonia, Fond du Lac, Fitchburg, Green Bay, Lake Geneva, Madison, Milwaukee, Oshkosh, Platteville, Salem, Sister Bay, Twin Lakes, Waukesha, and Wisconsin Rapids.

"For over 25 years WHEDA has played a critical role in administering the affordable housing credits, one of the state's most successful public-private partnerships," said WHEDA Executive Director Wyman Winston. "The program successfully attracts private equity capital enabling Wisconsin's leading developers to construct high quality affordable rental housing."

Visit www.wheda.com for a complete listing of all 2012 tax credit awards.

WHEDA is a public body corporate and politic created in 1972 by the Wisconsin Legislature that provides low-cost financing for housing, small business and agricultural development. Over the past 40 years WHEDA has financed more than 68,000 affordable rental units, helped more than 110,000 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

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