City of Antigo Housing Projects Win Tax Credits
Two multi-million housing projects in the city of Antigo—including construction of a new 50-unit apartment complex on the city’s north side—have won the backing of the state housing authority.
The Wisconsin Housing and Economic Development Authority has allocated $412,785 in annual tax credits to the Antigo Housing Authority for a major renovation to Park View Manor.
It also granted $596,193 in tax credits for construction of the Pebble Ridge apartment complex by developer Herman & Kittle Properties Inc. Applicant for that project was Lutheran Social Services of Wisconsin and the Upper Peninsula.
The Antigo projects were among $11.5 million in low-income housing tax credits announced by Wisconsin Lieutenant Governor Rebecca Kleefisch this week.
According to Antigo Housing Authority Director Mary Pavek, the Park View Manor project dates to 2011, when the agency partnered with Commonwealth Companies of Fond du Lac to pursue renovation dollars. The 84-unit complex located on Third Avenue was constructed in 1973 and is the oldest building in the agency’s portfolio.
With a goal of preserving Park View’s long-term viability, the tax credits will bring over $4.2 million of renovation that will include addition of handicap accessible units, modernized apartments with open-concept floor plan, mechanical and architectural upgrades.
“All common areas will be reworked into more usable space with the addition of a beauty salon, fitness center, library, community room and media center,” Pavek said. “A new outdoor patio will allow residents to enjoy the new walking path completed by the city of Antigo.”
No tenants will be displaced during the renovation project, she stressed.
Construction will commence in December.
The Pebble Ridge development was presented to the Antigo Common Council in January, when two developers were vying for the tax credits. It will be located off of Charlotte Street in an area just south of the Eye Clinic of Wisconsin.
The complex carries a price tag of $5.4 million and will include one, two, three and four bedroom units, a clubhouse with community room, covered outdoor entertainment area, garage with storage space and an on-site management office. There will also be an exercise room and playground.
The apartments will be available for individuals and families with incomes at or below 60 percent of the area median income. Those figures range for $25,200 for a one-person household to $41,700 for a six-person family.
Average rents will range from $500 to $800 a month, depending on size.
Construction is slated to begin in fall with leasing in spring and summer of 2014.
Tax credits are awarded over a 10-year period through the federal housing tax credit program. In exchange for receiving the credits, developers agree to reserve a portion of their housing units for lower and moderate-income households for at least 15 years.
“In order to revitalize our state’s economy, affordable housing and economic development must play key roles,” Kleefisch said. “Developments being awarded tax credits address local housing needs and they stimulate economic growth through family supporting jobs for our communities. The beauty of these tax credits is that they provide opportunities for private developers to fund projects that they might not ordinarily be available to finance on their own.”
WHEDA received 59 applications this year representing nearly $33 million in requests. Twenty-three received approval.