The Wisconsin Housing and Economic Development Authority (WHEDA) announced Thursday that it had awarded $2.1 million in tax credits to two Dane County affordable housing projects.
The two developments are located in the city of Fitchburg and the Town of Madison, which is separate from the larger city. WHEDA claims that the tax credits will help create 329 units of affordable housing.
“Hundreds of families in Fitchburg and the Town of Madison will now have the tremendous opportunity to live in affordable housing through the new state tax credit program,” said WHEDA Executive Director Wyman Winston in a press release. “Residents living in affordable as opposed to market rate units will literally save millions of dollars over the lifetime of the developments.”
WHEDA has $7 million in credits to give out this year, but has received $10.4 million in requests. Tax credits administered by WHEDA last six years in exchange for a guarantee from the developers that they will make a specific portion of their units affordable for at least 30 years.
