The conversion of a historic south side Milwaukee convent into mostly senior housing could receive $720,000 in financial assistance from the city.
Known as Chapel Garden, the $16.2 million, 63-unit project includes the conversion of the St. Joseph convent into 59 units of senior housing and creation of four townhouse-style workforce housing units in the St. Jude outbuilding. The project is located at 1501 S. Layton Blvd.
The
School Sisters of St. Francis are working with Fox Point-based developer
General Capital Group on the project.
If approved by city leaders, the assistance would come in the form of tax incremental financing. The proposed $720,000 would be advanced to the developer and recovered from annual cash grants from additional property tax revenues generated by the project, according to a public notice.
The proposal is slated for a public hearing on Jan. 21 by the Redevelopment Authority of the City of Milwaukee. It needs final approval by the Milwaukee Common Council.
Of the 63 units proposed, 34 of them will be affordable to households with incomes less than 60% of median area income, and 29 units will target households with incomes less than 80% of the median area income.
Other funding sources for the project include approximately
$577,800 in National Housing Trust Fund financing,
$983,000 of affordable-housing tax credits and state and federal historic tax credit equity.
The School Sisters and General Capital also worked together to develop the
72-unit Marian Linden apartments on the campus in 2012.
