Several housing developers in Madison received word on Thursday that they will receive millions of dollars in state and federal tax credits from the Wisconsin Housing and Economic Development Authority (WHEDA), according to the city. The move will help support the addition of hundreds of new affordable rental units in the city.
City-backed projects awarded 9% federal housing tax credits include:
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Ellis Potter Apartments (on Ellis Potter Court on Madison’s west side) — $14,000,000 over 10 years; and
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Park Lofts (at 1202 S. Park St.) — $14,000,000 over 10 years;
City-backed projects awarded 4% state and federal tax credits include:
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Merchant Place Apartments (at 6706 Odana Road) — $18,984,510 in federal Tax credits over 10 years and $7,200,000 in state tax credits over six years;
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Neighborhood House Apartments (at 29 S. Mills St. on Madison’s near west side) — $10,923,510 over 10 years in federal tax credits and $4,908,048 over six years in state tax credits; and
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Taking Shape B1/Triangle project (in downtown Madison) — $23,239,280 in federal tax credits over 10 years and $7,200,000 in state tax credits over six years.
Each project that received the federal and state tax credits on Thursday also received funding through the city of Madison’s Affordable Housing Fund.
