MADISON (WKOW) — Gov. Tony Evers announced Thursday a $20 million investment which provides funding to help fill financing gaps for affordable multifamily developments that received 2020 and 2021 federal or state housing tax credits.
“I often talk about connecting the dots and affordable housing is one of the most important dots we can connect,” said Gov. Evers. “Affordable housing links business growth, job creation and education, and it’s good for our workforce, our kids and families, and our seniors. This is a critical investment that will help more folks have access to safe, affordable housing while bolstering community well-being throughout our state.”
Funded by the American Rescue Plan Act (ARPA), the Wisconsin Housing and Economic Development Authority (WHEDA) will use the $20 million to create a grant program for developers to fill shortages in capital sources needed for multifamily housing tax credit projects that have serious funding gaps. The investment is expected help create around 1,800 affordable rental units throughout the state.
“WHEDA’s housing tax credit program has a long-standing history of advancing housing equity and economic opportunity for the people of our state,” said WHEDA CEO and Executive Director Moore. “We know that demand for these highly competitive credits far outpace availability. That is why it is important for us to work together to help get these housing projects across the finish line despite the challenging market conditions our developer partners are facing.”
You can view more information on the new WHEDA program and timing for the application process on their website.
You can also visit BadgerBounceback.wi.gov to view pandemic-related assistance information for families, farmers, businesses, organizations and communities.