Wisconsin Governor Awards $360 Million in LIHTCs
Wisconsin’s Governor Jim Doyle awarded $360 million in affordable housing tax credits to fund affordable housing project developments across the state. The tax credits, which are distributed through the Wisconsin Housing and Economic Development Authority (WHEDA), will move forward 38 developments that will create 2,000 rental units. The credits are worth $36 million this year, and $360 million over their 10-year life span.
Ten of the 38 developments receiving tax credits are within the city of Milwaukee. One of the sites, the 140-unit Beerline B Apartments, will incorporate neighborhood design features and include a broad range of units, tenant incomes, and rent levels. WHEDA awarded a $2.3 million allocation—or $23 million over the 10-year life of the credits—to General Capital for the project. The development is also receiving a $600,000 Brownfield’s grant from the Department of Commerce.
On the north side of Milwaukee, the Westlawn Revitalization Development will receive the largest tax credit allocation in state history—$7.3 million (or $73 million over 10 years). The Housing Authority of the City of Milwaukee will be redeveloping the neighborhood to include single-family homes, duplexes, and multifamily rental housing.