Mercy Housing Lakefront plans to build a 55-unit affordable senior apartment development in Milwaukee’s Walker’s Point neighborhood.
The five-story building would be built on a vacant lot at the northeast corner of South 1st Street and East Pittsburgh Avenue
Mercy Housing Lakefront is the Chicago-based division of Denver-based affordable housing developer Mercy Housing Inc.
The apartments will have 1-2 bedrooms and will be available to residents making 30 to 60 percent of the area median income. Mercy Housing Lakefront is applying for federal affordable housing tax credits through the Wisconsin Housing and Economic Development Authority (WHEDA). The apartments will be offered to qualifying residents at below market rates.
Most of the residents are expected to be individuals with pensions, or some other level of fixed income, or a modest wage, said Mercy Housing Lakefront spokeswoman Lisa Kuklinski.
“We know from our market studies that there is a great need for affordable rental apartments for seniors,” she said.
Mercy Housing Lakefront expects to find out this spring if it will receive tax credits for the project.
If it receives the tax credits, construction is expected to begin this fall and be complete near the end of 2012.
