Affordable Rental Unit Creation/Preservation Incentive: $6,000,000

TIF Housing funds may be awarded to developers and owners of multifamily developments for rental unit creation and/or preservation of affordable units in the form of grants and/or loans. Preference may be given to developers who have applied for Low-Income Housing Tax Credit (LIHTC) incentives through the Wisconsin Housing and Economic Development Authority (WHEDA). Importantly, this includes developers whose applications are accepted by WHEDA and deemed eligible, but are not awarded tax credits due to the competitiveness of that statewide program. The City reserves the right to require developers to abide by the same or similar income limit and/or rent affordability restrictions, and will require developers to grant access for inspections of any rental units created with TIF-Housing funds. The City reserves the right under this program to include deed restrictions which include income limitations and/or percentage-of-income restrictions or another method to guarantee the long-term 4 affordability of the units created or preserved with TIF-Housing funds. The Economic Development Department shall lead this program.