Madison developers to receive millions of dollars in tax credits from WHEDA for affordable housing

MADISON, Wis. -- Multiple Madison developers will receive millions of dollars in tax credits from the Wisconsin Housing and Economic Development Authority (WHEDA) to help them build affordable housing, city officials announced Thursday.

Two projects received 9% federal housing tax credits while three others received 4% state and federal tax credits. All of the projects are city-backed and each project that received federal and state tax credits will also receive money from Madison's Affordable Housing Fund.

"Today’s announcement builds on the strong partnership the City of Madison and Madison-based developers have enjoyed with WHEDA over the years," c ommunity development division director Jim O’Keefe said. " These tax credits allow the City to get more bang for the dollars we invest in these developments and more effectively address the shortage of affordable housing in Madison."

Projects that were given 9% federal tax credits were:

• Ellis Potter Apartments on Ellis Potter Court -- $14 million over 10 years
  • The project will consist of 65 units for older adults, including 55 affordable units
• Park Lofts (1202 South Park Street) -- $14 million over 10 years
  • The project includes 44 total units, all of which are affordable

Projects that were given 4% state and federal tax credits were:

• Merchant Place Apartments (6706 Odana Road) -- $18,984,510 in federal tax credits over 10 years in and $7.2 million in state tax credits over six years
  • The project includes 124 total units, all of which are affordable
• Neighborhood House Apartments (29 South Mills Street) -- $10,923,510  in federal tax credits over 10 years and $4,908,048 in state tax credits over six years
  • The project includes 60 total units, with 51 affordable units
• Taking Shape B1/Triangle project -- $23,239,280 in federal tax credits over 10 years and $7.2 million in state tax credits over six years
  • The project includes 164 total units, with 161 affordable units

Two other Madison projects -- University Park Commons II at the former site of Westgate Mall and the Yellowstone Apartments at 426 Yellowstone Drive -- were awarded tax credits last year, bringing 110 affordable units to the city.

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