New North housing projects receive WHEDA credits

Posted on Apr 29, 2021 :: Insight on Business, Web Exclusive
Jessica Thiel
Posted by of Insight Publications

Housing projects in New North communities were among those to receive Wisconsin Housing and Economic Development Authority state and federal housing tax credit awards.

The award of $35.1 million in federal and state housing tax credits will advance housing opportunities and economic recovery in Wisconsin through the creation of 2,200 affordable housing units in the months ahead, Gov. Tony Evers said.

The WHEDA tax credits will support 33 housing projects in 19 communities statewide and cap a highly competitive process that drew requests totaling more than $57 million. The award of $35.1 million represents an increase from the 2020 award total of $31.9 million.

WHEDA CEO Joaquín Altoro said this year’s plan for allocating the credits increased the emphasis on rural communities, supportive housing, partnerships with developers from underrepresented communities and sustainability.

The award of the state 4% credits triggers the availability of $13.3 million in federal 4% tax credits for these projects. In all, the tax credits support development of a total of 2,343 units including the 2,200 low- to moderate- income units affordable for those earning at or below 60 percent of the area median income.

The $14.7 million in federal 9% tax credits are worth approximately $126 million over the 10-year lifespan of the credits. The state 4% credits are worth approximately $35 million over a six-year lifespan, and the federal 4% tax credits are worth about $114 million over a 10-year lifespan.

New North projects receiving credits include:

  • Berkshire — Ashwaubenon, $1,029,073 in federal 9% housing tax credits for a new construction project
  • Golden Venture Apartments — Kaukauna, $875,636 in federal 9% housing tax credits for an acquisition/rehabilitation project
  • The Shoals — Sister Bay, $718,283 in federal 9% housing tax credits for a new construction project
  • West River Lofts — Two Rivers, $800,000 in federal 9% housing tax credits for a new construction project
  • Brooke Street Lofts — Fond du Lac, $256,075 in state 4% housing tax credits for an adaptive reuse project
  • National Tinsel Lofts — Manitowoc, $869,886 in state 4% housing tax credits for an adaptive reuse project
  • Okato Manor — Oconto, $1,400,000 in state 4% housing tax credits for an acquisition/rehabilitation project