Whitewater apartments awarded tax credits from WHEDA
WHITEWATER — The Wisconsin Housing and Economic Development Authority will award over $12 million in low-income housing tax credits to fund affordable housing project developments statewide, including a Whitewater apartment complex.
The 40-unit Whitewater Woods Apartment owned by Crown Court Properties was awarded $286,807 in tax credits by WHEDA.
WHEDA received 54 applications this year representing nearly $30 million in requests, demonstrating the highly competitive nature of the federal tax credits. Besides Whitewater, the tax credits will help finance affordable housing units in communities including Appleton, Bayfield, Brillion, Crandon, Eau Claire, Green Bay, Kenosha, Ladysmith, Madison, Menomonie, Milwaukee, Mole Lake, Monona, Oshkosh, New Richmond, Rice Lake, Ripon, Schofield and Waterloo.
Tax credits are awarded over a ten-year-period through the federal housing tax credit program. The 2014 awarded tax credits are worth over $121 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 at least 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.
“For 28 years WHEDA has been proud to administer this federal resource that continues to be one of the state's most successful public-private partnerships,” said WHEDA Executive Director Wyman Winston. “The continued success of this program represents a strong commitment by Wisconsin's housing professionals to construct high quality, affordable rental housing.”
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. Since 1972, WHEDA has financed more than 68,000 affordable rental units, helped more than 110,000 families.