The new proposed bill aims to address Wisconsin's ongoing housing crisis by increasing Low-Income Housing Tax Credit (LIHTC) funding to $100 million annually, with a stipulation that 35% of the credits go to rural areas. Since its establishment in 2018, the program has funded 71 projects, with many still under development. Lawmakers Rep. David Armstrong and Sen. Romaine Quinn emphasize that expanding the program and eligibility criteria will help improve affordable housing availability, which is crucial for businesses struggling to recruit employees due to housing shortages.
The proposed bill aims to increase LIHTC funding to $100 million, mandating 35% of credits be allocated to rural areas, tackling the housing crisis in Wisconsin.
The bill’s co-sponsors state that the expansion of the LIHTC program could alleviate Wisconsin's housing shortage, which significantly impacts employers' recruitment efforts.
The proposed legislation would broaden LIHTC project eligibility by removing the requirement for tax-exempt bond financing, potentially leading to more rehabilitation projects.
As of the upcoming 2025 cycle, WHEDA has already received applications for $20 million in housing tax credits, highlighting demand outweighing supply.
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