In a significant boost to local communities, five affordable housing projects in Northeast Wisconsin have been awarded tax credits by the Wisconsin Housing and Economic Development Authority (WHEDA). These credits are part of a statewide initiative to create housing for approximately 5,000 residents, with a total of $47.8 million in competitive Housing Tax Credits (HTC) allocated to multifamily housing developers.
Local Projects and Impact
The projects in Northeast Wisconsin receiving 9% tax credits include Columbia Corners in Sturgeon Bay, Borealis in Menasha, The Xchange in Neenah, Tecumseh Landings in New Holstein, and the redevelopment of Parkview Apartments in Brillion. These developments are part of a broader effort across 35 developments in 15 counties, aiming to provide or preserve 2,128 new affordable housing units in 26 communities statewide.
Governor Tony Evers emphasized the importance of these projects, stating, “Ensuring all our neighbors have access to reliable, affordable housing is essential for the health of our families, communities, and our economy.” The governor highlighted the ongoing collaboration with WHEDA to address housing challenges and support the creation of more rental units for families, seniors, and the workforce.
Understanding Affordable Housing
In Wisconsin, affordable housing is defined as residential properties where a household spends 30% or less of their gross income on rent, including utilities, or a mortgage. The tax credit programs do not directly subsidize renters but provide incentives to developers to create affordable housing. In exchange for these tax credits, developers agree to reserve units for low- and moderate-income households for at least 30 years, with any remaining units rented at market rates.
This initiative reflects a commitment to supporting working families and strengthening communities by ensuring access to affordable housing, a foundational element for economic stability and growth.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
