Apartment projects will create 3,000 jobs
Thirty-seven Wisconsin apartment developments, including several in the Milwaukee area, will receive tax credits that allow them to pursue additional financing to get built.
The Wisconsin Housing and Economic Development Authority will announce Thursday the projects that received federal affordable-housing tax credits, which the agency allocates through a competitive process. Development firms that receive the credits agree to rent apartments at below-market rents to low- and moderate-income tenants.
The latest rounds of credits will help finance 2,486 apartments, creating more than 3,000 construction-related jobs, according to the authority.
Milwaukee projects that are receiving credits include Villard Square, which would create 47 apartments in the 3400 block of W. Villard Ave. It would be among a small but growing group of U.S. developments that combine senior housing with kid-friendly features. The idea is to put children from broken homes into a stable environment by having them live with their grandparents.
Villard Square is being developed by Oregon, Wis.-based Gorman & Co. and Northwest Side Community Development Corp., a neighborhood nonprofit group. The $10 million project will receive $768,129 in tax credits.
Other projects receiving credits include the 60-unit Hide House Lofts, which Fox Point-based General Capital Group hopes to build at the former Greenebaum tannery in Milwaukee’s Bay View neighborhood.
The former tannery, 2625 S. Greeley St., now known as the Hide House, includes space that has been renovated into artists’ studios and other new uses. That project will receive $1.1 million in tax credits.
Also receiving credits is the 55-unit Bishop’s Creek project, at the southwest corner of W. Hampton Ave. and N. 32nd St.
That site, where the Kaiser tannery once operated, is in the N. 30th St. industrial corridor, a strip dotted with empty lots and obsolete industrial buildings. That $10.3 million project qualified for $849,293 in tax credits.