Seven Dane County projects that will encourage development of housing for low-income individuals and families received millions in state tax credits this week.
The Wisconsin Housing and Economic Development Authority, which awarded a total of $13.4 million to projects across the state, announced Tuesday that it will give $3.4 million in low-income housing tax credits for these projects.
The Tree Lane Senior Apartments, located on Madison’s west side, received over $660,000 in tax credits.
The development will include 51 housing units intended for “seniors and homeless individuals who have special needs.” The development will also assist residents with income tax preparation and financial literacy education.
Ald. Paul Skidmore, representing District 9 where the Tree Lane apartments will be located, said he was very excited about the award it had received.
“I’m delighted, to say the least,” he said, touting the project’s benefits for the homeless community “It’s just a win-win.”
Skidmore added that the projects will provide residents opportunities and will properly integrate them into the neighborhood.
“People want a job, but if you’re homeless it adds a lot of uncertainty … if we can give somebody the opportunity to have stable housing, that’s just huge,” he said.
Low-income housing tax credits are awarded to developments for 10 years. In exchange, the developers guarantee that a certain number of housing units will be reserved for low-income residents for at least 30 years.
The statewide tax credits announced this week will be worth over $134 million by the time they expire in 2028.
