Gov. Evers Announces $20 Million Investment for Multifamily Housing Tax Credit Developments

Gov. Tony Evers, together with Wisconsin Housing and Economic Development Authority (WHEDA) CEO and Executive Director Elmer Moore Jr., announced a $20 million investment to provide funding to help fill financing gaps for affordable multifamily developments that received 2020 and 2021 federal or state housing tax credits.

Funded by the American Rescue Plan Act (ARPA), WHEDA will use the $20 million investment to create a new grant program for developers to help fill shortages in capital sources needed for multifamily housing tax credit projects that still have serious funding gaps. WHEDA will work directly with its developer partners on a project-by-project basis to allocate the grant funds. The investment is projected to move forward approximately 1,800 affordable rental units throughout the state. More information on the new program and timing for the application process is available here.

WHEDA is the sole administrator for federal affordable housing tax credits in Wisconsin and has been since the program began in 1986. WHEDA is also the administrator of state housing tax credits since the program began in 2018. The programs do not subsidize renters; instead, they provide tax incentives through the Internal Revenue Code and the Wisconsin tax code that encourage developers to create qualified affordable housing. In exchange for the tax credits, developers agree to reserve housing units for low- and moderate-income households for at least 30 years. Any remaining units are rented at market rates.

This $20 million investment is funded through the state’s ARPA funds. Wisconsinites can visit BadgerBounceback.wi.gov to view pandemic-related assistance information for families, farmers, businesses, organizations, and communities, as well as the latest data and success stories about how COVID-relief investments are making a difference across the state. For updates on other recovery-related grant opportunities, sign up for the Badger Bounceback update list.