It’s like another sign of spring: the rush of proposals from developers to obtain federal tax credits to help finance affordable apartments.
The latest comes from Gorman & Co., which is behind two other recent proposals that have surfaced on Milwaukee’s north side, and in Oconomowoc.
This one is for another north side site, at W. Atkinson Ave. and N. 16th St. Gorman, in conjunction with the nearby St. Mark AME Church, wants to build between 50 and 60 apartments.
The apartments, with one to three bedrooms, would be on the upper levels of the four-story building, according to plans filed with the Department of City Development. The ground level would be used for the church’s community center. The development would include 40 to 50 underground parking spaces, as well as surface parking.
The proposal needs zoning approval. The city Plan Commission will conduct a public hearing at its Monday meeting, which begins at 1:30 p.m., at 809 N. Broadway.
Gorman, based in Oregon, Wis., and other developers apply for federal affordable housing tax credits. It’s a competition, which means not all developers get the credits they’re seeking. The credits in Wisconsin are doled out annually by the Wisconsin Housing and Economic Development Authority, which has a March 26 deadline for applications.
A developer sells the credits to raise equity financing for the project, which allows the developer to obtain a construction loan.
In return for the credits, a developer must provide apartments to people earning no more than 60% of the area’s median income. For a two-person household in Milwaukee, such as a single parent and child, that maximum income is $32,520, with the limits increasing as the household size increases.
Gorman also is seeking credits for two other area projects: 64 apartments and 14 rental homes at the former Jackie Robinson Middle School, 3245 N. 37th St.., and 61 apartments at the former Oconomowoc Middle School building.