Governor Doyle Announces Wisconsin Awarded $120 Million in New Markets Tax Credits

MADISON, October 05, 2007 – Governor Jim Doyle today announced that Wisconsin is the recipient of $120 million in federal New Markets Tax Credits to help promote investment in distressed areas, including historic preservation, affordable housing, Brownfields, and commercial development. The award will go to the Wisconsin Community Development Legacy Fund (WCDLF), a nonprofit organization formed by the Wisconsin Housing and Economic Development Authority (WHEDA ®) and Legacy Bancorp.

“Wisconsin’s economy is on the move and filled with opportunity to grow,” Governor Doyle said. “Our state is home to the best businesses and the best workers, helping us attract federal dollars that will bring new energy to communities, strength for local economies, and jobs for our citizens.”

This is the second time WCDLF has received New Markets Tax Credits. In 2005, WHEDA, in partnership with Legacy Bancorp, was the first state housing authority in the country to receive the credits, making Lena’s Food Market in Milwaukee the first minority-owned business in the country to receive the tax credits. Over the last two years, WCDLF allocated $100 million in credits to 15 companies across Wisconsin, creating or retaining more than 3,500 jobs.

“We are in a unique position to leverage these credits with other resources to help Wisconsin companies grow and retain and create new jobs. With our previous allocation, we gave credits to companies like Palermo’s Pizza in Milwaukee’s Menominee Valley and to nonprofit health clinics like Access Community Health Center in Madison,” said WHEDA Executive Director Antonio Riley. “There are so many worthwhile projects for us to invest in throughout the state. We look forward to getting to work and creating even more jobs here in Wisconsin.

WCDLF will concentrate 60 percent of its efforts in the 139 census tracts that comprise the most distressed areas of Milwaukee. Another 10 percent of the credits will be directed to other urban communities, with 30 percent directed to communities in rural Wisconsin.

“The federal treasury recognized WCDLF’s work in using these credits to provide development and job opportunities to minority-owned businesses and non-profit entities like community health clinics,” said Deloris Sims, president of Legacy Bancorp.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. For more information on WHEDA’s housing programs, call 1-800-334-6873 or visit WHEDA’s website www.wheda.com.