WHEDA and WDVA announce recipients of special round of Low-Income Housing Tax Credits
Two of four winning projects will address needs of WI Veterans
Governor Scott Walker, the Wisconsin Housing and Economic Development Authority (WHEDA) and the Wisconsin Department of Veterans Affairs (WDVA) have announced four awardees of a Special Round of Low-Income Housing Tax Credits (LIHTCs), two of which will fund Veterans High Impact Projects.
In addition to designating tax credits for impactful affordable housing projects under the High Impact Project Reserve (HIPR) program, WHEDA set aside credits for Veterans High Impact Projects (HIP) to help finance developments that specifically address housing, employment and/or counseling needs of veterans.
Developments receiving credits are located in Green Bay, Milwaukee and Superior.
“WHEDA is thrilled to provide tax credits that will result in significant developments that will be of great benefit to our veterans,” said WHEDA Executive Director Wyman Winston.
“The special credits are being awarded to developers and projects that strongly support our outstanding veterans who have demonstrated tremendous honor and courage.”
“Projects funded by these tax credits are sure to help our state’s veterans and maintain Wisconsin’s reputation as the most progressive state for veteran’s benefits, programs and services,” WDVA Secretary John Scocos said.
“I’m pleased the projects will result in affordable housing and employment assistance for men and women who have faithfully served our country.”
Veterans HIP Credits were awarded to Green Bay Veterans Manor in Green Bay ($350,000) and Community for Returning Women Soldiers in Milwaukee ($333,217).
HIPR credits were awarded to Grand Central Plaza in Superior ($407,382) and Milwaukee Prosperity Harambee ($350,000). Most of the Prosperity Harambee project lies within the boundaries of the Transform Milwaukee Initiative.
The High Impact Project Reserve was created by WHEDA in order to fund a particularly impactful Low-Income Housing Tax Credit Project in 2013.
The projects were selected in a “Special Round” held later than the normal selection round that was announced in April 2013.
The HIPR concept is to award LIHTCs to a project with strong economic development or redevelopment attributes, has significant community support, and/or has a tangible impact on job creation, job retention or job training.
For more information, visit wheda.com or call 1-800-334-6873.