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City of Madison

WHEDA Tax Credits bring millions of dollars of support to Madison housing developments

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Rendering of one of the buildings planned for the Triangle
Image credit: Potter Lawson
One of the buildings planned for the Triangle redevelopment project.

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) to help support the addition of hundreds of new affordable rental units in the city.

City-backed projects based in Madison that were awarded 9% Federal Housing Tax Credits include:

  • Ellis Potter Apartments (on Ellis Potter Court on Madison’s west side) -- 65 units for older adults, 55 of which are affordable: $14,000,000 over 10 years
  • Park Lofts (at 1202 S Park St.) -- 44 total units, all of which are affordable: $14,000,000 over 10 years

City-backed projects based in Madison that were awarded 4% State and Federal Tax Credits include:

  • Merchant Place Apartments (at 6706 Odana Road) – 124 total units, all of which are affordable: $18,984,510 in Federal Tax Credits over 10 years; $7,200,000 in State Tax Credits over 6 years
  • Neighborhood House Apartments (at 29 S. Mills Street on Madison’s near west side) -- 60 total units, 51 of which are affordable: $10,923,510 over 10 years in Federal Tax Credits; $4,908,048 over 6 years in State Tax Credits
  • Taking Shape B1/Triangle project – 164 total units, 161 of which are affordable: $23,239,280 in Federal Tax Credits over 10 years; $7,200,000 in State Tax Credits over 6 years

Today’s announcement builds on the strong partnership the City of Madison and Madison-based developers have enjoyed with WHEDA over the years. These tax credits allow the City to get more bang for the dollars we invest in these developments and more effectively address the shortage of affordable housing in Madison.

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City of Madison Community Development Division Director Jim O’Keefe

Each project in Madison that received the Federal and State Tax Credits on Thursday also received funding through the City of Madison’s Affordable Housing Fund.

They join two other projects -- University Park Commons II at the former Westgate location and Yellowstone Apartments at 426 Yellowstone Drive on Madison’s west side -- that were awarded tax credits last year and that bring an additional 130 new units of rental housing, 110 of which will be affordable. 

Departments:
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