The Menominee Indian Tribe of Wisconsin Housing Department was notified in April that its two Low Income Housing Tax Credit applications for 2009 were successful, and the Tribe will receive an allocation of $786,049 in tax credits to rehabilitate 45 homes. Travois acted as a consultant on both applications, which were approved by the Wisconsin Housing and Economic Development Authority (WHEDA).
“We are thrilled that Menominee’s two applications were successful and that all of our combined hard work paid off,” said David Bland, chairman of Travois. “We are proud to partner with Menominee again and hope to continue our successful relationship for many years to come.”
These projects are projected to generate about $5.5 million in investor equity.
Menominee’s fifth tax credit project, Menominee Homes V, will rehabilitate 24 single-family homes in Keshena, Wis. The project is expected to receive about $2.9 million in tax credit equity. All 24 homes are set aside for residents with incomes less than or equal to 60 percent of the Area Median Income (AMI). The project will incorporate a new playground that will be dedicated to the residents of the rehabbed units. The homes will likely serve large families, as all homes have at least three bedrooms.
Menominee Homes VI, which is projected to receive about $2.5 million in investor equity, will rehabilitate 21 homes in the towns of Keshena, Zoar, Neopit and South Branch, Wis. The homes range from a 768-square foot two-bedroom up to a 1,512-square foot five bedroom. All 21 homes will be reserved for families with incomes less than or equal to 60 percent of the Area Median Income. Three playgrounds will be included in the project, on scattered sites in Zoar, Neopit and South Branch.
Menominee has worked with Travois on four successful tax credit projects, and so far, has built or rehabilitated 86 homes using nearly $8.5 million in investor equity generated through the Low Income Housing Tax Credit program.
To view the entire list of WHEDA’s LIHTC notifications, click here.