Press Release: Gov. Evers, WHEDA Announce Nearly $32.6 Million in Grant Awards for Multifamily Housing Tax Credit Developments

State of Wisconsin sent this bulletin at 05/16/2024 02:45 PM CDT
Office of Governor Tony Evers
FOR IMMEDIATE RELEASE: May 16, 2024
Contact: GovPress@wisconsin.gov 
 
Gov. Evers, WHEDA Announce Nearly $32.6 Million in Grant Awards for Multifamily Housing Tax Credit Developments
 
MADISON — Gov. Tony Evers, together with the Wisconsin Housing and Economic Development Authority (WHEDA), announced today that multifamily housing developers statewide, including many in rural areas, will soon receive nearly $32.6 million in 2024 Housing Tax Credits to improve access to safe, stable, and affordable housing.

This announcement builds on longstanding efforts of the Evers Administration to expand access to safe, reliable, and affordable housing, which is a critical part of helping address the workforce challenges facing the state. For years, Gov. Evers has proposed robust provisions and investments in expanding access to affordable housing statewide. The 2023-25 biennial budget signed by Gov. Evers provided one of the largest state investments in workforce housing—$525 million—in state history.

“No matter where you are—whether it’s the Driftless Area or in the heart of our largest cities—the need for affordable housing continues to be one of the issues I hear most about as I travel across our state,” said Gov. Evers. “Key to addressing our state’s generational workforce challenges is making sure we are expanding access to reliable, affordable workforce housing across our state. I’m proud of our continued efforts to address these challenges and our partnership with WHEDA as we work to make sure our Wisconsin has the 21st-century infrastructure we need to meet the needs of a 21st-century workforce and economy.”

During the application process, WHEDA received grant requests totaling more than $56 million from developer partners, underscoring the need for assistance to complete these much-needed housing developments.

In total, 23 developments in 14 counties will provide 1,383 new affordable housing units in urban and rural communities struggling to provide housing for working families. A new video by WHEDA highlights the benefits of housing tax credits and a list of awardees. Based on the average household size in Wisconsin of approximately two individuals, these tax credits will result in housing for over 3,270 people.

“We are making tremendous strides toward providing access to affordable housing for all people in Wisconsin through programs like this,” said WHEDA CEO and Executive Director Elmer Moore Jr. “Housing tax credits are one of our foundational tools to ensure that everyone in Wisconsin has a safe, affordable place to call home. Most housing units created by tax credits are reserved for income-eligible households for at least 30 years; the rest are available regardless of income.”

WHEDA is Wisconsin’s sole administrator for federal and state affordable housing tax credits. Instead of subsidizing renters, these programs provide tax incentives through the Internal Revenue Code and the Wisconsin tax code that encourage developers to create affordable housing. In exchange for the tax credits, developers agree to reserve housing units for low- and moderate-income households for at least 30 years, and any remaining units are rented at market rates.

A list of the 2024 Housing Tax Credit recipients can be found here.
 
An online version of this release is available here.
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