April 18. 2012 9:00AM - Last modified: April 18. 2012 9:44AM

WHEDA affordable housing tax credit awards announced

Gov. Scott Walker today announced the award of $12.6 million in affordable housing tax credits, to be distributed by the Wisconsin Housing and Economic Development Authority (WHEDA), to help finance 21 housing developments in the state.

"I'm pleased to announce these tax credit awards that will result in much needed job creation and affordable housing for Wisconsin," said Walker. "Private developers can now move forward with construction of properties that may have been difficult to obtain financing on their own."

"The program successfully attracts private equity capital enabling Wisconsin's leading developers to construct high quality affordable rental housing," WHEDA Executive Director Wyman Winston said.

WHEDA received 74 applications, totaling $49 million in requests, for the tax credits.

The projects in southeastern Wisconsin that will receive the affordable housing tax credits through WHEDA are:
  • Family Supportive Housing at Center an Buffum, Milwaukee, 37 units, $989,942, Heartland Housing Inc.;
  • Farwell Studio Apartments, Milwaukee, 34 units, $407,221, Cardinal Capital Management Inc.;
  • Hillcrest Apartments, Waukesha, 60 units, $494,926, Legacy Property Management Services;
  • Impact Milwaukee, Milwaukee, 24 units, $530,023, Impact Seven Inc.;
  • LBWN – Rent to Own Homes, Milwaukee, 24 units, $530,064, Layton Boulevard West Neighbors;
  • Meadows of Mill Creek, Salem, 20 units, $332,333, Bear Development;
  • Northside Homeowners Initiative II, Milwaukee, 45 units, $741,439, Gorman & Company Inc.;
  • Northside Neighborhood Initiative II, Milwaukee, 60 units, $803,758, Gorman & Company Inc.;
  • Oconomowoc School Apartments, Oconomowoc, 50 units, $624,469, Keystone Development;
  • Parkview III, Caledonia, 73 units, $432,333, Parkview Affordable Housing Partners III LLC;
  • Residences on Main, Twin Lakes, 21 units, $299,908, Bear Development;
  • Walworth Apartments, multiple cities in Walworth County, 134 units, $716,526, Wisconsin Housing Preservation Corp.