Four Milwaukee Affordable Housing Projects Seek State Tax Credits

Victory Lofts. Rendering by Engberg Anderson. Four Milwaukee affordable housing developments, totaling 297 apartments, are competing for a key source of financing. The proposals range from a 140-unit development in the Harbor District to a 40-unit project proposed by a partnership of four development groups. Across Wisconsin, developers submitted 74 applications representing more than 4,100 affordable apartment units, though the statewide total includes several projects submitted under two different financing programs. The development groups are vying for competitively awarded low-income housing tax credits from the Wisconsin Housing and Economic Development Authority (WHEDA). The credits are the most common tool used in Wisconsin to create federally defined affordable housing. Receipt of the credits requires developers to set aside a predetermined number of units at a discounted rate for households making less than a specified income, often 60% of the area median income. Rental prices