Three affordable apartment developments planned for suburban Milwaukee getting $7 million
Three affordable housing developments planned for suburban Milwaukee are getting $7 million in federal funds − helping build more than 220 apartments over the next few years.
The projects, two in Wauwatosa and another in Brown Deer, will help advance racial equity through access to quality housing, according to the Community Development Alliance, a nonprofit group that worked with Milwaukee County to select the projects.
The developments are getting help through $12 million of American Rescue Plan Act funds given to Milwaukee County. The remaining $5 million will be distributed through a continuing selection process.
Such developments typically use federal and state affordable housing tax credits as a primary funding source.
Developers that obtain those tax credits through an annual competition are generally required to provide at least 85% of the building's apartments at below-market rents to people earning no higher than 60% of the area median income.
Those credits are sold to raise equity financing, with developers then getting commercial loans.
“Quality, affordable homes should be available to all residents of Milwaukee County, and this project signals momentum and moves us one step closer to reaching the type of equity we envision,” said County Executive David Crowley.
“But we can’t do it alone, so we extend gratitude to our partners advocating on behalf of housing and equity for their bold vision and action," Crowley said in a statement.
The three developments receiving the ARPA funds are:
⋅ A 56-unit project to be developed at 4114 W. Woodale Ave., Brown Deer, by Jewish Family Services Inc., a nonprofit group that has developed similar projects in Brown Deer. It's receiving $2 million.
⋅ Cornerstone Village, which would provide around 90 units, including 17 affordable units, at 7423, 7429 and 7501 W. North Ave., Wauwatosa. Luther Group LLC and AbleLight Village LLC are the developers and are receiving $2.5 million. The Wauwatosa Common Council in August approved plans to provide $3.3 million in tax incremental financing for the project.
⋅ MSP Real Estate Inc.'s plans for 80 units, including 56 affordable units, on a vacant site just north of Synergy at the Mayfair Collection, a higher-end apartment development at 11221 W. Synergy Drive, Wauwatosa. It is getting $2.5 million.
Additional affordable rental units are needed to meet the high demand from lower income families, said Teig Whaley-Smith, Community Development Alliance chief executive.
“Given that we consider housing the primary social determinant of health, it’s critical to unlock as many opportunities for access as possible, whether we’re empowering our neighbors in Milwaukee County orthe city of Milwaukee,” Whaley-Smith said in a statement.
“We’re thrilled to have these three strong partners in our work to support economic mobility," he said.
Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, Twitter and Facebook.
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This article originally appeared on Milwaukee Journal Sentinel: Three planned suburban affordable housing projects getting $7 million
