Allied Drive Redevelopment Wins Tax Credit Financing
April 14, 2008
Madison - Mayor Dave Cieslewicz said that the Allied Drive redevelopment project took a major step forward today with the announcement that the project had obtained critical tax credit financing. The tax credits were awarded by the Wisconsin Housing and Economic Development Authority (WHEDA) through a competitive, statewide process.
"This is great news for the residents of Allied Drive and the city as a whole," said Mayor Cieslewicz. "The City's commitment to improve this neighborhood is already paying dividends in terms of public safety and private developer investment. As we move this project forward, I will continue to work closely with the neighborhood residents and other stakeholders to revitalize Allied Drive in a way that improves the neighborhood while maintaining its affordability. I am grateful for the leadership of Governor Doyle and WHEDA Executive Director Antonio Riley in helping to move this project forward."
Under the grant, the project will receive $7,499,250 in low-income housing tax credits over the next ten years. The tax credits help reduce the project cost and provide a high level of affordability.
"I am thrilled to hear that we received these tax credits," said Ald. Brian Solomon who represents the Allied Drive neighborhood. "The residents of Allied worked hard with city staff to develop a proposal that will move the neighborhood forward, help stabilize the community, and not force residents out. I look forward to continuing to work with the CDA, city staff and, most importantly, neighbors to continue moving this process forward and helping the Allied community continue to chart its own bright future."
"We greatly appreciate WHEDA's grant of tax credits for this important project, as well as the leadership from the Mayor and the Council that enabled the Community Development Authority to make its application," said CDA Chair Stuart Levitan. "We pledge to the City and State that the CDA will work hard to justify their confidence and support, and develop a project of which everyone can be proud, which continues the revitalization of the Allied Drive neighborhood."
Now that the tax credits have been secured, land use approvals and financing arrangements will be finalized. Ground is expected to be broken on the project this fall.
- George Twigg, (608) 266-4611