Cudahy townhouses biggest winner in this year's affordable housing tax credit awards
By Sean Ryan - Reporter, Milwaukee Business Journal
February 27, 2018, 10:36 am


An almost $1.3 million state affordable housing tax credit award could help Cudahy launch its long-planned redevelopment of a former landfill with 83 new apartments.

That award is among $13.5 million in tax credits the Wisconsin Housing and Economic Development Authority awarded Tuesday to 31 projects across the state. Those tax credits help developers finance projects that rehab or build apartments that are reserved for low-income renters.

The Cudahy project would cover 5.3 acres on Pennsylvania Avenue, south of Layton Avenue. Bear Development LLC of Kenosha in December secured a deal to buy that land from the city. It will build 83 townhouse-style, two-story apartments with rents ranging from $500 to $1,200 a month. 

That housing could help Cudahy realize its plan of building a town center redevelopment of the 30-acre former landfill. That redevelopment, called Penn Place, could potentially include new stores, restaurants or a hotel near the far northeast corner of General Mitchell International Airport. 

The Penn Place apartments are among nine southeast Wisconsin projects that were awarded the housing tax credits this year. Other large winners are Fox Point developer General Capital Group’s proposal to rehab the former Bergamot Brass Works building at 800 E. Wisconsin Ave. in Delavan into 73 apartments, 64 of which are for low-income residents. That project received an almost $966,000 award. 

In Milwaukee, a new building with 43 apartments on the 3600 block of West Villard Avenue gained a $538,500 tax credit award. Brinshore Development of Illinois teamed with Milwaukee-based Index Development on that project. 

Several projects that were awarded tax credits in previous years were given additional awards by WHEDA. The state agency started that practice after the amount of money investors were willing to pay for the credits declined, creating gaps in project budgets.

Milwaukee developers Maures Development Group LLC and Royal Capital Group LLC received a $119,721 supplemental award this year for their planned Mill Road Library development. That new building will have 65 apartments above a new first-floor Milwaukee Public Library branch.

The Housing Authority of the City of Milwaukee received a $100,492 supplemental credit award for its ongoing redevelopment of the Westlawn public housing campus at North 60th Street and West Silver Spring Drive.

https://www.bizjournals.com/milwaukee/news/2018/02/27/cudahy-townhouses-biggest-winner-in-this-years.html


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