08/27/2024 | Press release | Distributed by Public on 08/28/2024 08:44
FOR IMMEDIATE RELEASE: August 27, 2024 |
Contact: [email protected] |
Gov. Evers, WHEDA Announce New Allocation Plan for Housing Tax Credit |
MADISON - Gov. Tony Evers, together with the Wisconsin Housing and Economic Development Authority (WHEDA), today announced the final 2025-2026 Qualified Allocation Plan (QAP). The QAP is the plan for administering federal and state tax credits that finance low- to moderate-income housing and establishes parameters and priorities for awarding the coming years' housing tax credits, including federal nine percent and four percent credits, as well as state four percent credits. "Building affordable housing in every corner of our state is critical to making sure that Wisconsin is prepared to meet the needs of a 21st-century workforce in a 21st-century economy, including addressing our state's generational workforce challenges and recruiting, training, and retaining talented folks across our state," said Gov. Evers. "These tax credits are vital to expanding access to affordable housing, driving economic development, and extending the reach of community services." During the 2023-2024 period, WHEDA awarded $69 million in federal and state tax credits to create 2,932 affordable housing units. The awards support projects in 25 communities statewide following a highly competitive process. Demand for the tax credits remains high, with competing proposals consistently outpacing available funds. "The 2025-2026 Qualified Allocation Plan reflects WHEDA's commitment to engage with stakeholders in innovative ways to assure that these affordable housing investments offer the greatest housing opportunities for Wisconsinites," said WHEDA CEO and Executive Director Elmer Moore Jr. This announcement builds on longstanding efforts of the Evers Administration to expand access to safe, reliable, and affordable housing, which is a critical part of helping address the workforce challenges facing the state. Since 2019, over 17,000 affordable housing units have been built, and more than 26,000 housing units total have been built statewide. Further, the 2023-25 biennial budget signedby Gov. Evers provided one of the largest state investments in workforce housing-$525 million-in state history. The 2025-2026 QAP makes strategic changes in order to use tax credits effectively, while reaching as many communities as possible with the resources WHEDA has available. The plan is tailored to meet the evolving housing needs of Wisconsin and to make sure the state's workforce, economy, and housing infrastructure are ready to meet the needs of the 21st Century. Key changes in the new plan include:
WHEDA has been the sole administrator for Housing Tax Credits in Wisconsin since the federal program was established in 1986 and began implementing the Wisconsin Housing Tax Credit program in 2018. Since 1986, WHEDA has awarded more than $560 million in Housing Tax Credits, resulting in the development and rehabilitation of more than 58,000 rental housing units for low- to moderate-income families, seniors, and vulnerable community members. |
An online version of this release is available here. |
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Office of the Governor • 115 East Capitol, Madison, WI 53702 |
Press Office Email: [email protected] |
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