Affordable apartments to be redeveloped on north side

A $14.1 million purchase and renovation of an apartment community on Milwaukee’s north side will preserve 90 affordable housing units for people with low incomes.

Renovations are to start this week at Meadow Village, 1470 N. 17th St., and be completed in June, according to St. Paulbased CommonBond Communities Inc.

CommonBond, a nonprofit affordable housing developer, bought Meadow Village in May for $5.6 million, and will spend $8.5 million on improvements, said Alicia Cordes-Mayo, director of strategic and internal communications.

CommonBond on Tuesday completed its financing for the project, which will include renovations as well as a new community room, playground and management office.

Meadow Village consists of 16 twostory town home buildings spread across 7.4 acres.

The renovations will include new kitchens, bathrooms, windows, appliances, cabinetry, and in-unit washers and dryers, plus adding central air conditioning.

The project will “ensure this property provides high-quality affordable housing options long into the future,” said Cecile Bedor, CommonBond’s executive vice president of real estate.

Because of a housing subsidy funding stream CommonBond is preserving through this acquisition, residents will only pay 30% of their income in rent.

The project’s funding partners include the National Affordable Housing Trust, UnitedHealth Group, the City of Milwaukee, the Wisconsin Housing and Economic Development Authority and Colliers Securities.

The 90-unit Meadow Village apartments, in Milwaukee’s central city, will undergo extensive renovations by its new owner.