Three Affordable Apartment Projects Get Funding Boost
New state programs boost Milwaukee housing efforts.
Two proposed apartment buildings for N. Martin Luther King Drive are receiving a funding boost from the state’s new Vacancy-to-Vitality program. A third building on W. Villard Avenue will also get a funding boost from another new state program.
The Vacancy-to-Vitality loans will supplement tax credit awards already announced earlier in 2024 by the Wisconsin Housing and Economic Development Authority (WHEDA). The low-income housing tax credit program is the primary funding source for new affordable housing in Wisconsin, but additional funding is often needed to bring proposals to fruition.
The 67-unit Compass Lofts, 3116 N. Martin Luther King Jr. Dr., is receiving a $1 million loan, WHEDA announced. It would replace a long-vacant funeral home owned by the city.
The 75-unit Union at Rose Park development, 3030 N. Martin Luther King Jr. Dr., also secured a $1 million loan. In addition, it is to receive a $125,375 Infrastructure Access program loan from WHEDA. The latter loan program is intended to support developers in repairing or replacing public infrastructure associated with the development.
A third, much smaller development, Suites on Villard, is to receive a $40,000 loan from the state’s new Restore Main Street program. The program is intended to support the rehabilitation of housing on the second or third floors of existing buildings. The development includes the rehabilitation of a two-story building at 3607 W. Villard Ave.
“Affordable housing is one of the issues I hear most about nearly everywhere I go, and it’s an issue that connects dots between some of the most pressing issues facing our state, from success in the classroom to folks joining and staying in our workforce to overcoming mental and behavioral health issues and substance misuse. Our efforts to secure one of the largest state investments in workforce housing in state history is a critical part of our work to expand access to affordable housing across our state,” said Governor Tony Evers in a statement announcing the funding awards.
A bipartisan $525 million package, created as part of the 2023-2025 state budget, created the three loan programs.
“Since creating these products, we are contributing to the creation of 967 units in rural and urban areas for workers, their children, and our aging population who need a safe, stable place to live and thrive,” said WHEDA CEO and Executive Director Elmer Moore Jr.
Additional projects in Madison, Plymouth, Hayward and Door County received funding.
A fourth loan program, More Like Home Repair and Renew, was also created, and is targeted at individual homeowners.
Compass Lofts is being developed by a partnership of One 5 Olive, KG Development and the Martin Luther King Economic Development Corporation. Abacus Architects is leading the design. The city selected the development team as a winner of a competitive request-for-proposals process in 2023.
Union at Rose Park is being developed by Indiana-based The Annex Group. Ware Malcomb is leading the design. A Board of Zoning Appeals request to enable construction is pending. The site has already been cleared.
The proposed buildings are two of several housing developments in various stages of development on King Drive. For more information, see our November coverage.
Suites at Villard involves the renovation of a 4,416-square-foot building. Capitol Krue Developments is the property owner, having acquired the property for $50,000 in 2023. State records list Asia Beckum as the registered agent. Several renovation permits have already been filed. The structure is immediately adjacent to the four-story Villard Commons development, a WHEDA-backed project.
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