Post by ferryfast admin on Aug 12, 2011 12:02:06 GMT -5
WHEDA helps meet housing needs for Marinette workers
Posted on August 08, 2011 10:43 AM
By Wyman Winston
www.biztimes.com/blogs/milwaukee-biz-blog/2011/8/8/wheda-helps-meet-housing-needs-for-marinette-workers
Christmas was very good to Marinette, Wisconsin last December. The U.S. Navy awarded the Marinette Maritime Corp. (MMC) contract to build up to 10 Littoral Combat Ships (LCS) in Marinette.
Construction has already begun on two ships. If contract options are exercised for all 10 ships, the total value of the ship construction portion of the contract will be about $3.6 billion.
More than 1,000 jobs will be created as a result of the U.S. Navy contract with MMC. With these jobs comes a huge influx of workers who will need a place to live. The Wisconsin Housing and Economic Development Authority (WHEDA) is thrilled to respond to that need.
A special round of competitive 2011 Low Income Housing Tax Credits is being created. The new credits will be designated specifically toward adding quality workforce housing in Marinette. WHEDA will fund a special allocation of tax credits worth $700,000 that will allow us to address the economic impact in Marinette by focusing our efforts on the immediate housing needs of that community.
Developers interested in applying for the tax credits can submit electronic applications via WHEDA’s online application system beginning Aug. 26 thru Sept. 16. WHEDA will select one application that meets required LIHTC threshold and scoring criteria. The award will be made in mid-October. More information can be found on the 2011 LIHTC Special Round Fact Sheet.
Tax credits are awarded over a ten-year-period through the federal housing tax credit program. In exchange for receiving the tax credits, developers agree to reserve a portion of their housing units for lower- and moderate-income households for at least 15 years.
MMC’s contract is a great benefit for Marinette, the entire state of Wisconsin, and our country. Marinette enjoys a boost to the local economy. Wisconsin continues its path of job growth. And America strengthens its naval fleet.
Littoral Combat Ships that will be built are fast, agile ships designed to operate in coastal areas that can execute focused missions close to the shore such as mine warfare, anti-submarine warfare and surface warfare.
Former Navy Secretary Gordon England, former Marine Corps Commandant James Jones, and a former chief of naval operations, Vern Clark wrote recently in the Wall Street Journal about the increasingly important need for U.S. naval authority. The three noted that permanent, land-based American forces will be reduced, restricted to the most severe crisis spots making offshore military options to protect our national interests, as they put it, “ever more paramount.” They also contend American naval power will “re-emerge as the primary means for assuring our allies and partners, ensuring prosperity in times of peace, and countering anti-access, area-denial efforts in times of crisis.”
The Navy’s selection of MMC is not surprising. With 550,000 square feet of manufacturing, warehouse and receiving space, the world-class MMC has built over 1,500 ships since 1942. Keenly aware of MMC’s quality, on-time and below-cost work, the U.S. Navy has maintained a long, solid partnership with the shipbuilder.
This truly is one of the most remarkable developments in Wisconsin this year. WHEDA is excited to be involved and I strongly encourage interested developers to seriously consider applying for the special round of tax credits.
Wyman Winston is the executive director of WHEDA.
Posted on August 08, 2011 10:43 AM
By Wyman Winston
www.biztimes.com/blogs/milwaukee-biz-blog/2011/8/8/wheda-helps-meet-housing-needs-for-marinette-workers
Christmas was very good to Marinette, Wisconsin last December. The U.S. Navy awarded the Marinette Maritime Corp. (MMC) contract to build up to 10 Littoral Combat Ships (LCS) in Marinette.
Construction has already begun on two ships. If contract options are exercised for all 10 ships, the total value of the ship construction portion of the contract will be about $3.6 billion.
More than 1,000 jobs will be created as a result of the U.S. Navy contract with MMC. With these jobs comes a huge influx of workers who will need a place to live. The Wisconsin Housing and Economic Development Authority (WHEDA) is thrilled to respond to that need.
A special round of competitive 2011 Low Income Housing Tax Credits is being created. The new credits will be designated specifically toward adding quality workforce housing in Marinette. WHEDA will fund a special allocation of tax credits worth $700,000 that will allow us to address the economic impact in Marinette by focusing our efforts on the immediate housing needs of that community.
Developers interested in applying for the tax credits can submit electronic applications via WHEDA’s online application system beginning Aug. 26 thru Sept. 16. WHEDA will select one application that meets required LIHTC threshold and scoring criteria. The award will be made in mid-October. More information can be found on the 2011 LIHTC Special Round Fact Sheet.
Tax credits are awarded over a ten-year-period through the federal housing tax credit program. In exchange for receiving the tax credits, developers agree to reserve a portion of their housing units for lower- and moderate-income households for at least 15 years.
MMC’s contract is a great benefit for Marinette, the entire state of Wisconsin, and our country. Marinette enjoys a boost to the local economy. Wisconsin continues its path of job growth. And America strengthens its naval fleet.
Littoral Combat Ships that will be built are fast, agile ships designed to operate in coastal areas that can execute focused missions close to the shore such as mine warfare, anti-submarine warfare and surface warfare.
Former Navy Secretary Gordon England, former Marine Corps Commandant James Jones, and a former chief of naval operations, Vern Clark wrote recently in the Wall Street Journal about the increasingly important need for U.S. naval authority. The three noted that permanent, land-based American forces will be reduced, restricted to the most severe crisis spots making offshore military options to protect our national interests, as they put it, “ever more paramount.” They also contend American naval power will “re-emerge as the primary means for assuring our allies and partners, ensuring prosperity in times of peace, and countering anti-access, area-denial efforts in times of crisis.”
The Navy’s selection of MMC is not surprising. With 550,000 square feet of manufacturing, warehouse and receiving space, the world-class MMC has built over 1,500 ships since 1942. Keenly aware of MMC’s quality, on-time and below-cost work, the U.S. Navy has maintained a long, solid partnership with the shipbuilder.
This truly is one of the most remarkable developments in Wisconsin this year. WHEDA is excited to be involved and I strongly encourage interested developers to seriously consider applying for the special round of tax credits.
Wyman Winston is the executive director of WHEDA.