LA CROSSE, WI - La Crosse is getting some help to bring affordable housing to the city. Governor Jim Doyle announced Monday the recipients of more than $100 million worth of affordable housing tax credits throughout the state. "Affordable housing, whether single family or apartment complexes, is integral to a healthy economy," says Governor Doyle. "These tax credits will provide working families, seniors, and the disabled with affordable housing options."
The tax credits will be administered through the Wisconsin Housing and Economic Development Authority (WHEDA). The credits will go to 28 developments that will provide 1,300 housing units throughout the state, including in La Crosse.
One of the projects receiving tax credits is the Grand River Station project in downtown La Crosse. The project will get $7.5 million in tax credits. "The City of La Crosse has been working hard to revitalize their downtown and the state is proud to be a part of their great effort," says Doyle.
The Grand River Station will include a transit center, retail space, affordable rental housing, condominiums and a parking deck. The City of La Crosse, TIF financing and federal transit dollars will also help fund the project.
In exchange for receiving the tax credits, all the developers agree to reserve part of their housing for low and moderate income households for at least 15 years. The remaining units can be rented at market rates.
The developments must meet high design and operating standards. Criteria include strong management, excellent development quality, demonstrated market need, provision of services and amenities, proper local zoning and permits and service to households at various income levels.
Source: WKBT.com