1. 2018 Low Income Housing Tax Credit Results May 2018

2. 2018 Credit Set-Asides Set-Aside % of Total Available Credit General
50%
$7,888,959
Preservation
20%
$3,155,583
Nonprofit
10%
$1,577,792
Rural
Supportive
Total
100%
$15,777,918
Note: These credit figures include 12.5% increase from the Omnibus Spending bill and an increase from the updated State of Wisconsin Per-Capita population adjustment.

3. 2018 Sources of Available Credit
Approximately $15.77 million of competitive credit was available in the 2018 LIHTC cycle
Through the competitive scoring process, WHEDA incents developers to maximize financial participation and credit usage points. This creates a condition where developments request less LIHTC than they would be entitled to by the eligible basis calculation. The amount of LIHTC leverage created through this mechanism was an additional $1,953,247 or 13%.
Note: Additional Credit Applications were excluded from this leverage calculation.
Sources:
Annual Per-Capita Allocation $15,647,804
Unused 2017 Credits $86,270
Returned Credits $43,844

4. 2018 LIHTC Applications
51 applications in total, including 9 for additional credit, were submitted for developments in 40 Wisconsin communities, including:
Milwaukee (8), includes 2 additional credit
Madison (6), includes 2 additional credit
River Falls (3)
Green Bay (2) and Wisconsin Rapids (2)
Note: WHEDA received 3 scattered site applications that served eight distinct municipalities.

5. 2018 LIHTC Awards
During the competitive 9% 2018 cycle, LIHTC awards were made to properties in 23 Wisconsin communities, including Milwaukee (5), and Madison (6)
The 32 LIHTC awards will assist in the development or rehabilitation of 1,766 residential units – including 1,583 affordable units
The 32 projects represent more than $322 million of construction, rehabilitation and related soft costs

6. 2018 Applications & Awards Set-Aside Credit Available Appl. Requested
Awarded
General
$6,977,584 23
$16,008,879 13
$7,789,761
Preservation
$2,791,033 11
$5,577,716 7
$2,881,126
Nonprofit
$1,395,516 5
$1,887,737 4
$1,848,543
Rural 9
$2,872,471 6
$1,813,488
Supportive 3
$1,739,966 2
$1,376,966
Total
$13,955,165 51
$28,140,769 32
$15,258,884

7. Average 2018 LIHTC Requests & Awards
Average Credit
Request
Award
Set-Aside
Total
Per- LI Unit
General
$868,048
$15,067
$826,776
$14,852
Preservation
$473,760
$7,592
$411,589
$9,572
Nonprofit
$582,350
$9,147
$582,684
$9,152
Rural
$538,821
$15,394
$561,630
$16,358
Supportive
$597,989
$15,075
$688,483
$14,051
$681,989
$12,394
$630,501
$12,673
Note: Additional Credit Applications were excluded from these calculations.

8. Average Credit Request
Household Type
Household
Type
Average Credit Request
Average Credit Award
Appl
Total
Per-LI Unit
Awards
Family 21
$737,042
$13,832 16
$650,244
$14,078
Elderly 14
$651,767
$10,369 6
$483,358
$9,387
Supportive 4
$498,742
$13,571 2
$688,483
$14,051 39
$681,989
$12,394 24
$630,501
$12,673
Note: Additional Credit Applications were excluded from these calculations.

9. Average Credit Request
Construction Type
Construction
Type
Average Credit Request
Average Credit Award
Appl
Total
Per-LI Unit
Awards
New Construction 20
$786,596
$14,513 12
$429,016
$14,589
Adaptive Reuse 8
$697,257
$16,503 4
$645,513
$15,369
Acquisition & Rehab 11
$480,691
$7,303
$383,209
$8,559 39
$681,989
$12,394 24
$630,501
$12,673
Note: Additional Credit Applications were excluded from these calculations.

10. Average Project Size (# units)
Set-Aside
All Applications
LIHTC Awards
General 65 56
Preservation 61 43
Nonprofit 71 68
Rural 36 31
Supportive 40 49
Total 58

11. Average, Per-Low Income Unit Development Budgets
All Applications
LIHTC Awards
Overall
$199,275
$203,620
Acquisition & Rehab
$122,150
$126,039
Adaptive Reuse
$275,459
$244,409
New Construction
$219,828
$227,543

12. 2018 LIHTC Scoring Results

13. Scoring Summary Scoring Categories: 14 Maximum Score: 284
Minimum Eligible Score: 120
Average Scores
All Applications: 199
Applications Receiving Awards: 202
Applications Not Receiving Awards: 192

14. Differences: Those that Did, or Didn’t Receive an Award
The average application receiving an LIHTC award scored 10 more points than the average application that didn’t receive an award.
Categories in which awarded applications scored notably more points:
Financial Participation (+6.5 points)
Credit Usage (+1.9 points)
Development Team (+1.6 points)
Serves Lowest Income Residents (1.3 points)

15. Differences: Those that Did, or Didn’t Receive an Award (Continued)
WHEDA restricts certain projects from being able to score in certain point categories for the following:
Applying in the Preservation Set-Aside
Applying in the Supportive Housing Set-Aside
Maintaining federal operating subsidies
Scoring points in other point categories
This can skew point averages in certain categories year over year depending on how many applications subject to the restrictions are received.

16. General 220 Preservation 124 Nonprofit 201 Rural 213 Supportive 176
2018 Scoring Cut-Offs
General 220
Preservation 124
Nonprofit 201
Rural 213
Supportive 176

17. Category 1 Lower Income Areas
Points Available: 0 or 5
Applications Receiving Points: 15 (29%)
Average Score
All Applications(51): 1.5
Applications-Receiving points (15): 5.0
Applications Receiving Awards (32): 0.9
Applications Receiving Awards-Receiving points (6): 5.0
Applications Not Receiving Awards (18): 2.5
Applications Not Receiving Awards-Receiving points (9): 5.0

18. Category 2 Energy Efficiency & Sustainability
Points Available: Up to 32
Applications Receiving Points: All
Average Score
All Applications(51): 27.8
Applications Receiving Awards(32): 27.9
Applications Not Receiving Awards(18): 28.0

19. Category 3 Mixed-Income Incentive
Points Available: Up to 12
Applications Receiving Points: 36 (71%)
Average Score
All Applications(51): 7.2
Applications-Receiving points (36): 10.2
Applications Receiving Awards (32): 6.9
Applications Receiving Awards-Receiving points (22): 10.0
Applications Not Receiving Awards (18): 7.5
Applications Not Receiving Awards-Receiving points (13): 10.4
Supportive Housing Set-Aside applications were not allowed to score points in this category

20. Category 4 Serves Large Families
Points Available: Up to 5
Applications Receiving Points: 30 (59%)
Average Score
All Applications(51): 2.9
Applications-Receiving points (30): 4.9
Applications Receiving Awards (32): 3.1
Applications Receiving Awards-Receiving points (20): 4.9
Applications Not Receiving Awards (18): 2.5
Applications Not Receiving Awards-Receiving points (9): 5.0
Supportive Housing Set-Aside applications, and elderly developments, were not allowed to score points in this category

21. Category 5 Serves Lowest-Income Residents
Points Available: Up to 60
Applications Receiving Points: 40 (78%)
Average Score
All Applications(51): 46.7
Applications-Receiving Points (36): 59.5
Applications Receiving Awards (32): 46.9
Applications Receiving Awards-Receiving Points (25): 60.0
Applications Not Receiving Awards (18): 45.6
Applications Not Receiving Awards-Receiving points (14): 58.6
Preservation Set-Aside applications were not allowed to score points in this category

22. Category 6 Supportive Housing
Points Available: 0, 15 or 20
Applications Receiving Points: 48 (94%)
Average Score
All Applications(51): 18.6
Applications-Receiving Points(48): 19.8
Applications Receiving Awards (32): 18.6
Applications Receiving Awards-Receiving Points (30): 19.8
Applications Not Receiving Awards (18): 18.6
Applications Not Receiving Awards-Receiving Points (17): 19.7
Supportive Housing Set-Aside applications, and those receiving points in Category 8, were not allowed to score points in this category

23. Category 7 Rehab/Neighborhood Stabilization
Points Available: 0 or 25
Applications Receiving Points: 1 (2%)
Average Score
All Applications(51): 0.5
Applications Receiving Awards (1): 25
Applications Not Receiving Awards (18): 0
Supportive Housing Set-Aside applications, and those receiving points in Category 13, were not allowed to score points in this category

24. Category 8 Universal Design
Points Available: Up to 18
Applications Receiving Points: All
Average Score
All Applications(51): 17.9
Applications Receiving Awards(32): 18.0
Applications Not Receiving Awards(18): 17.8

25. Category 9 Financial Participation
Points Available: Up to 25
Applications Receiving Points: 46 (90%)
Average Score
All Applications (51): 14.4
Applications-Receiving Points (46): 16.0
Applications Receiving Awards (32): 16.8
Applications Receiving Awards-Receiving Points (30): 17.9
Applications Not Receiving Awards (18): 10.3
Applications Not Receiving Awards-Receiving Points (15): 12.3

26. Category 10 Eventual Tenant Ownership
Points Available: 0 or 3
Applications Receiving Points: None
Average Score
All Applications(51): N/A
Applications Receiving Awards(32): N/A
Applications Not Receiving Awards(18): N/A
Supportive Housing Set-Aside applications were not allowed to score points in this category

27. Category 11 Development Team
Points Available: Up to 12
Applications Receiving Points: All
Average Score
All Applications(51): 8.7
Applications Receiving Awards(32): 9.3
Applications Not Receiving Awards(18): 7.7

28. Category 12 Readiness to Proceed
Points Available: 0 or 12
Applications Receiving Points: 50 (98%)
Average Score
All Applications (51): 11.8
Applications Receiving Awards (32): 12.0
Applications Not Receiving Awards (18): 11.3

29. Category 13 Credit Usage Points Available: Up to 30
Applications Receiving Points: 50 (98%)
Average Score
All Applications(51): 24.1
Applications-Receiving Points(50): 24.5
Applications Receiving Awards (32): 24.6
Applications Receiving Awards-Receiving Points (31): 25.4
Applications Not Receiving Awards (18): 22.7
Applications Not Receiving Awards-Receiving Points (18): 22.7
Applications receiving points in Category 7 were not allowed to score points in this category

30. Category 14 Opportunity Zones
Points Available: Up to 25
Applications Receiving Points: 51 (100%)
Average Score
All Applications(51): 15.5
Applications Receiving Awards (32): 15.7
Applications Not Receiving Awards (18): 14.8

31. Additional Information
A detailed list of 2018 Low Income Housing Tax Credit applications and awards can be found on