Madison Reporter

Several housing developers in Madison received news on Thursday that they are set to receive millions of dollars in state and federal tax credits. These funds, provided by the Wisconsin Housing and Economic Development Authority (WHEDA), will support the addition of hundreds of new affordable rental units in the city.

The city-backed projects based in Madison awarded 9% Federal Housing Tax Credits include Ellis Potter Apartments, located on Ellis Potter Court on Madison’s west side, with 65 units for older adults, 55 of which are affordable. This project will receive $14,000,000 over 10 years. The second project is Park Lofts at 1202 S Park St., comprising 44 total units, all of which are affordable. This project will also receive $14,000,000 over a decade.

Meanwhile, city-backed projects awarded 4% State and Federal Tax Credits include Merchant Place Apartments at 6706 Odana Road. This development comprises 124 total units, all deemed affordable. It is set to receive $18,984,510 in Federal Tax Credits over ten years and $7,200,000 in State Tax Credits over six years.

Neighborhood House Apartments at 29 S. Mills Street on Madison’s near west side consists of 60 total units with 51 deemed affordable. This project will receive $10,923,510 over ten years in Federal Tax Credits and $4,908,048 over six years in State Tax Credits.

Finally, the Taking Shape B1/Triangle project has been allocated $23,239,280 in Federal Tax Credits over ten years and $7,200,000 in State Tax Credits over six years. The development includes a total of 164 units with 161 considered affordable.