On Tuesday, April 27, 2021, Governor Tony Evers announced the award of $35.1 million in federal and state housing tax credits to help advance affordable housing and economic recovery in Wisconsin. The tax credit awards from Wisconsin Housing and Economic Development Authority (WHEDA) will support 33 housing projects in Wisconsin including all four development submissions from Commonwealth Development Corporation (“Commonwealth”).
“This is a highly competitive process where I believe there were close to $60 million in requests,” said Dan Kroetz, Senior Vice President of Development, Commonwealth Development Corporation. “It takes a lot of commitment and time to complete these applications and we couldn’t be more pleased with the outcome for all four of our submissions.”
Commonwealth’s four Wisconsin developments include:
Brooke Street Lofts (Fond du Lac) – Located on the same street as their Corporate Headquarters, Brooke Street Lofts will be an adaptive reuse of the previous Northern Casket Company and Winnebago Cheese Company buildings. This $16.6M development will consist of 62-units of 1, 2, & 3-bedroom homes for families making at or below 80% of the area median income (AMI). Originally built in 1919, this property is currently listed on the U.S. National Register of Historic Places. It has been vandalized and considered abandoned for multiple years and this is a great opportunity to bring it back to life with valuable housing for the community. Development partner: WPHD.
Superior View Cottages (Ashland) – This $12M new construction development will consist of 50 1, 2, & 3-bedroom homes within 5 cottage-style buildings. Located near downtown Ashland and the Chequamegon Bay, the community will provide affordable homes for individuals or families making at or below 80% of the AMI, and will include private garages, a clubhouse, playground, and other desired amenities.
Golden Venture Apartments (Kaukauna) – In partnership with the Kaukauna Housing Authority, Golden Venture Apartments will be a $14.3M rehab of the existing 3-story building along with 2 other smaller buildings. The property was originally constructed in 1968 as a senior (62+) property which will now convert out of public housing through the Rental Assistance Demonstration (RAD) program. Through construction, we will combine some smaller units into larger units resulting in a total of 66 1 & 2-bedroom homes in the current building and 8 additional units in the other 2 buildings. These homes will be available for seniors (62+) making at or below 60% of the AMI.
Greenway Cottages (Mosinee) – This new 24-unit cottage-style development is a second phase to our existing Indianhead Cottages community. The community will target families making at or below 80% of the AMI and will include 2 & 3-bedroom homes within (2) 10-unit buildings and (1) 4-unit building. Similar to Superior View Cottages, residents will have private garages and access to a playground, fitness center, business center, and more.
“Wisconsin’s successful tax credit programs continue to advance equitable access to affordable housing and economic opportunity for the people of our state – supporting our workforce, our families and the well-being of our communities,” said Gov. Evers. “These tax credits drive economic vitality, leverage private capital, strengthen the local employment base and provide housing security for our most vulnerable residents. As we’ve seen, demand for these highly competitive housing tax credits continues to outstrip supply. That’s why my 2021-23 state budget proposal seeks to increase the available state credits to $10 million per year from the current $7 million.”
All four of these developments will be done in collaboration with Commonwealth Construction Corp. (General Contractor) and M+A Design, Inc. (Architect). Watch for these properties to open between Spring & Summer, 2023.