Affordable housing project in Eau Claire awarded $800K in tax credits
EAU CLAIRE, Wis. (WEAU) - An affordable housing project in Eau Claire is awarded $800,000 in tax credits by the Wisconsin Housing and Economic Development Authority Tuesday.
Prairie Heights Residences, a proposed four-story building with 80 total housing units, including eight units that would be reserved for people experiencing homelessness, would be located on Eau Claire’s east side on Birch Street near River Prairie Drive.
The $800,000 is part of $35.1 million total federal and state housing tax credits awarded in Wisconsin to 33 different housing projects.
According to the accepted zoning proposal with the city of Eau Claire, Prairie Heights will also provide 9,168 feet of commercial space and a two-level parking deck with 126 spaces. The Eau Claire City Council approved the zoning change for the site on November 26, 2019 and amended the zoning ordinance nearly one year later on November 2, 2020.
The tax credits are awarded through the 2021 Housing Tax Credit Program.
Wisconsin Gov. Tony Evers says that demand outpaces supply for the program, which received requests totaling $57 million, and says that’s why his budget proposal increases the available state tax credits per year from $7 million to $10 million.
In order to receive the credits, developers must agree to reserve at least some of their housing units for low- and moderate-income households for 30 years. Criteria for receiving the credits include management, the quality of development, local need, proper zoning, employment opportunities nearby, and other support services.
To learn more about the program, click here.
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