1. 2019 Housing Tax Credit Results – Federal 9% Program September 2019

2. 2019 Credit Set-Asides Set-Aside % of Total Available Credit General
50%
$9,947,411
Preservation
20%
$3,978,964
Nonprofit
10%
$1,989,482
Rural
Supportive
Total
100%
$19,894,821
Note: These credit figures include returned credits from prior cycles.

3. 2019 Sources of Available Credit
Approximately $19.89 million of competitive credit was available in the 2019 HTC cycle
Through the competitive scoring process, WHEDA incents developers to maximize financial leverage points. This creates a condition where developments request less HTC than they would be entitled to by the eligible basis calculation. The amount of HTC leverage created through this mechanism was approximately an additional $2.15 million or 11%.
Note: Additional Credit Applications were excluded from this leverage calculation.

4. 2019 HTC Applications
54 applications in total, including 1 for additional credit, were submitted for developments in 35 Wisconsin communities, including:
Milwaukee (13)
Racine (4)
Madison (3)
River Falls (2)
LaCrosse (2)

5. 2019 HTC Awards
During the competitive 9% 2019 cycle, HTC awards were made to properties in 21 Wisconsin communities, including Milwaukee (5), and Madison (3)
The 27 HTC awards will assist in the development or rehabilitation of 1,666 residential units – including 1,429 affordable units
The 27 projects represent more than $337 million of construction, rehabilitation and related soft costs

6. 2019 Applications & Awards Set-Aside Credit Available Appl. Requested
Awarded
General
$9,947,411 24
$23,222,338 8
$9,333,353
Preservation
$3,978,964
$3,778,959 7
$3,565,955
Nonprofit
$1,989,482 12
$7,305,970 5
$3,188,191
Rural 10
$4,911,013
$3,768,785
Supportive -
Total
$19,894,821 54
$39,218,280 27
$19,856,284

7. Average 2019 HTC Requests & Awards
Average Credit
Request
Award
Set-Aside
Total
Per- LI Unit
General
$1,005,497
$17,627
$1,166,669
$17,478
Preservation
$472,370
$9,790
$509,422
$9,851
Nonprofit
$657,361
$14,462
$637,638
$11,510
Rural
$599,699
$16,893
$617,133
$16,831
Supportive -
$778,679
$15,687
$761,165
$14,207
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 38
$814,796
$17,906 17
$820,014
$17,382
Elderly 11
$700,795
$11,698 9
$650,006
$9,899
Single Room Occupancy 1
$262,975
$4,870 - 50
$778,679
$15,687 26
$761,165
$14,207
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 26
$881,467
$17,495 10
$885,562
$16,279
Adaptive Reuse
$750,991
$17,881 4
$726,188
$16,599
Acquisition & Rehab
$469,180
$8,689 8
$526,978
$9,125
Mixed
$953,527
$17,991 50
$778,679
$15,687
$761,165
$14,207
Note: Additional Credit Applications were excluded from these calculations.
Mixed = New Construction and Adaptive Reuse.

10. Average Project Size (# units)
Set-Aside
All Applications
HTC Awards
General 69 83
Preservation 52 56
Nonprofit 53 66
Rural 39 41
Supportive -
Total 58 63

11. Average, Per-Low Income Unit Development Budgets
All Applications
HTC Awards
Overall
$242,140
$231,834
Acquisition & Rehab
$135,943
$143,315
Adaptive Reuse
$302,209
$275,411
New Construction
$258,096
$268,359
Mixed
$295,039
295,309
Note: Additional Credit Applications were excluded from these calculations.
Mixed = New Construction and Adaptive Reuse.

12. 2019 9% HTC Scoring Results

13. Scoring Summary Scoring Categories: 14 Maximum Score: 277
Minimum Eligible Score: 120
Average Scores
All Applications: 196
Applications Receiving Awards: 193
Applications Not Receiving Awards: 199
Note: There were 7 Preservation SetAside projects awarded in 2019 which skews the average of the awarded projects downward. Also several projects applied in both the State 4% round and the Federal 9% round. If a project was feasible in the State 4% round, the project was deemed ineligible in the 9% round even if it scored competitively which skewed the average of the awarded projects downward.

14. Differences: Those that Did, or Didn’t Receive an Award
Categories in which awarded applications scored notably more points:
Financial Leverage (+7.4 points)
Development Team (+1.6 points)
Rural Areas Without Recent HTC Awards (+1.3 points)
Supportive Housing (+1.04 points)
Areas of Economic Opportunity (+1.0 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
Geographical Preference
This can skew point averages in certain categories year over year depending on how many applications subject to the restrictions are received.

16. General 219 Preservation 121 Nonprofit 218 Rural 193
2019 Scoring Cut-Offs
General 219
Preservation 121
Nonprofit 218
Rural 193

17. Category 1 Lower Income Areas
Points Available: 0 or 5
Applications Receiving Points: 23 (43%)
Average Score
All Applications(54): 2.1
Applications-Receiving points (23): 5.0
Applications Receiving Awards (27): 1.9
Applications Receiving Awards-Receiving points (10): 5.0
Applications Not Receiving Awards (27): 2.4
Applications Not Receiving Awards-Receiving points (13): 5.0

18. Category 2 Energy Efficiency & Sustainability
Points Available: Up to 32
Applications Receiving Points: All
Average Score
All Applications(54): 28.7
Applications Receiving Awards(27): 28.0
Applications Not Receiving Awards(27): 29.5

19. Category 3 Mixed-Income Incentive
Points Available: Up to 12
Applications Receiving Points: 36 (67%)
Average Score
All Applications(54): 7.3
Applications-Receiving points (36): 11.0
Applications Receiving Awards (27): 5.7
Applications Receiving Awards-Receiving points (13): 11.8
Applications Not Receiving Awards (27): 9.0
Applications Not Receiving Awards-Receiving points (23): 10.6
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: 43 (80%)
Average Score
All Applications(54): 3.8
Applications-Receiving points (43): 4.7
Applications Receiving Awards (27): 3.4
Applications Receiving Awards-Receiving points (19): 4.9
Applications Not Receiving Awards (27): 4.1
Applications Not Receiving Awards-Receiving points (24): 4.6
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: 46 (85%)
Average Score
All Applications(54): 51.0
Applications-Receiving Points (46): 59.8
Applications Receiving Awards (27): 44.4
Applications Receiving Awards-Receiving Points (20): 60.0
Applications Not Receiving Awards (27): 57.5
Applications Not Receiving Awards-Receiving points (26): 59.7
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: 52 (96%)
Average Score
All Applications(54): 18.7
Applications-Receiving Points(52): 19.4
Applications Receiving Awards (27): 19.2
Applications Receiving Awards-Receiving Points (27): 19.2
Applications Not Receiving Awards (27): 18.1
Applications Not Receiving Awards-Receiving Points (25): 19.6
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(54): 0.5
Applications Receiving Awards (1): 25
Applications Not Receiving Awards (27): 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(54): 17.8
Applications Receiving Awards(27): 17.9
Applications Not Receiving Awards(27): 17.7

25. Category 9 Financial Leverage
Points Available: Up to 40
Applications Receiving Points: 51 (94%)
Average Score
All Applications (54): 26.3
Applications-Receiving Points (51): 27.8
Applications Receiving Awards (27): 30.0
Applications Receiving Awards-Receiving Points (26): 31.2
Applications Not Receiving Awards (27): 22.6
Applications Not Receiving Awards-Receiving Points (25): 24.4

26. Category 10 Eventual Tenant Ownership
Points Available: 0 or 3
Applications Receiving Points: None
Average Score
All Applications(54): N/A
Applications Receiving Awards(27): N/A
Applications Not Receiving Awards(27): 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(54): 8.4
Applications Receiving Awards(27): 9.1
Applications Not Receiving Awards(27): 7.6

28. Category 12 Readiness to Proceed
Points Available: 0 or 12
Applications Receiving Points: 52 (96%)
Average Score
All Applications (54): 11.6
Applications Receiving Awards (27): 12.0
Applications Not Receiving Awards (27): 11.1
Applications Not Receiving Awards-Receiving Points (25): 12.0

29. Category 13 Areas of Economic Opportunity
Points Available: Up to 28
Applications Receiving Points: 54 (100%)
Average Score
All Applications(54): 17.5
Applications Receiving Awards (27): 18.0
Applications Not Receiving Awards (27): 17.0

30. Category 14 Rural Areas without Recent HTC Awards
Points Available: 0 or 5
Applications Receiving Points: 11 (20%)
Average Score
All Applications(54): 1.0
Applications-Receiving Points(11): 5.0
Applications Receiving Awards (27): 1.7
Applications Receiving Awards-Receiving Points (9): 5.0
Applications Not Receiving Awards (27): 0.4
Applications Not Receiving Awards-Receiving Points (2): 5.0
Projects scoring points in this category must be located in a county that has not received a 9% HTC Award in the previous 3 years.