Governor Tony Evers and the Wisconsin Housing and Economic Development Authority announced last week that $47.8 million in competitive Housing Tax Credits will support affordable housing developments across the state.
The awards are expected to help create or preserve 2,128 affordable housing units in 26 communities across 15 counties. State officials say the developments are projected to provide housing for about 5,000 Wisconsinites.
The funding will support 35 multifamily housing developments. Twenty-eight of the projects are new construction, while the remaining projects involve rehabilitation or adaptive reuse. Twenty-four of the developments are designed for families, with the rest intended for seniors.
Evers said access to reliable and affordable housing is important for families, communities and the state economy. He said the tax credits will help developers build more rental units for children and families, seniors and Wisconsin’s workforce.
WHEDA CEO and Executive Director Elmer Moore Jr. said Housing Tax Credits are an important tool for developers facing rising construction costs and inflation.
The announcement builds on previous state housing efforts. According to the governor’s office, the Evers Administration has supported the creation of more than 33,500 housing units since 2019.
WHEDA is Wisconsin’s administrator of federal and state Housing Tax Credits. Since 1986, the agency has awarded more than $644 million in Housing Tax Credits, leading to the development or rehabilitation of more than 61,000 rental housing units for low- to moderate-income families, seniors and vulnerable residents.
The tax credit programs do not directly subsidize renters. Instead, they provide tax incentives to developers who agree to reserve units for low- and moderate-income households for at least 30 years, with remaining units rented at market rates.
