Milwaukee-area apartments receive tax credits
A Milwaukee apartment development that will include housing for homeless young people is among the projects receiving financing help through this year’s federal tax credit awards.
Clarke Square Apartments will feature a pair of three-story buildings, with 23 units at the southeast corner of W. Vieau Place and S. 24th St. and 17 units at the northeast corner of W. Mineral and S. 24th streets. Those sites are just south and north of Clarke Square Park, on Milwaukee’s south side.
The $7.5 million project will set aside around 10 of its 40 apartments for youth who have turned 18 and have “aged out” of the foster care system. The remaining units will be provided at below-market rents to lower-income families.
The apartments will be developed by Journey House, which provides social services in the Clarke Square area, and Madison-based Cardinal Capital Management Inc.
The federal tax credits were announced Tuesday by Lt. Gov. Rebecca Kleefisch and Wisconsin Housing and Economic Development Authority Executive Director Wyman Winston.
Kleefisch said that after ensuring Wisconsinites are employed, housing is the next priority.
“All of those workers are going to need a place to go home to,” Kleefisch said.
The authority awards the tax credits in annual competitions. Development firms sell them to raise equity financing for their projects.
The firms, in turn, are required to provide apartments at below-market rents to people earning less than 60% of the local median income.
Other Milwaukee-area developments receiving this year’s tax credits include:
❚ 3600@Villard, a four-story, 43-unit building that is planned south of W. Villard Ave. and east of N. 37th St., on Milwaukee’s north side. It will replace a former funeral home and another commercial building that would be razed.
That building, including 2,500 square feet of street-level commercial space, is being developed by Index Development Group LLC and Northbrook, Ill.-based Brinshore Development LLC.
❚ Townhomes at Penn Place, featuring eight two-story townhouse buildings, each with 10 to 12 units, totaling 83 units west of S. Pennsylvania Ave., south of E. Layton Ave., in Cudahy.
Penn Place is being developed by Kenosha-based Bear Development LLC.
❚ The Lakeview at Franklin, with 48 one- and two-bedroom apartments for seniors in a two-story building at 3709 W. College Ave., Franklin.
Lakeview is being developed by Indianapolis-based Herman & Kittle Properties Inc. and Lutheran Social Services of Wisconsin and Upper Michigan Inc.
❚ Barton School Apartments, the conversion of a former West Bend school, at 614 School Place, into 40 apartments.
Barton School Apartments is being developed by Fond du Lac-based Commonwealth Development Corp.