Generic apartment. PC: Fox 11 Online
(WTAQ-WLUK) — Five affordable housing projects in Northeast Wisconsin are getting tax credits from the state.
The Wisconsin Housing and Economic Development Authority (WHEDA) announced Wednesday multifamily housing developers statewide will receive $47.8 million in competitive Housing Tax Credits (HTC), projected to create housing for approximately 5,000 Wisconsinites.
In total, 35 developments in 15 counties will provide or preserve 2,128 new affordable housing units in 26 communities statewide that are struggling to provide housing for working families.
“Ensuring all our neighbors have access to reliable, affordable housing is essential for the health of our families, communities and our economy,” said Gov. Tony Evers in a news release.
These housing units are going to help communities across our state, and I’m proud of our continued efforts with WHEDA to address housing challenges and award these tax credits so developers can build more rental units for our kids and families, seniors and workforce.
Click here to see a full list of projects receiving tax credits. In Northeast Wisconsin, the following projects are receiving 9% tax credits:
Columbia Corners in Sturgeon Bay
- $1.3 million for 60 units
Borealis in Menasha
- $1,245,501 for 53 units
The Xchange in Neenah
- $1,206,304 for 50 units
Tecumseh Landings in New Holstein
- $971,727 for 40 units
Parkview Apartments redevelopment in Brillion
- $381,991 for 24 units
In Wisconsin, affordable housing refers to residential properties where a household spends 30% or less of their gross income on rent (including utilities) or a mortgage.
The programs do not subsidize renters, but rather, provide tax incentives through the Internal Revenue Code and the Wisconsin Tax Code that encourage developers to create affordable housing. In exchange for 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.
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