The redevelopment of old warehouse buildings in Bay View into 300 housing units. Construction of a new 79-unit East Side building along the Milwaukee River. A new 55-unit project along King Drive in the Harambee neighborhood.
These are a few of the Milwaukee affordable-housing projects receiving funding by the Federal Home Loan Bank of Chicago.
FHLBank Chicago said it awarded subsidies this week to 33 housing projects
in Wisconsin through its Affordable Housing Program general fund.
Among the recipients is Kenosha-based Bear Development's Filer & Stowell redevelopment
. The project involves the conversion of 10 warehouses totaling 211,100 square feet southeast of South First and East Becher streets in Milwaukee into mostly affordable housing.
Two phases of the project are receiving AHP funding. The 78-unit Filer & Stowell Foundry Lofts and the 61-unit Filer & Stowell Machine Shop Lofts each are getting $900,000. First American Bank is providing the AHP grants.
Bear Development chief executive S.R. Mills previously told BizTimes his firm was aiming to commence the project early next year
. City records show crews have begun applying for permits to make alterations to the buildings.
Meanwhile, the 79-unit Eighteen87 on Water
project is getting $900,000 through BMO Harris Bank. Milwaukee-based Rule Enterprises LLC is developing the $21.2 million project, located at 1887 N. Water St. in Milwaukee. Three-quarters of those units will be affordable.
The Five Points Lofts
project at 3317-3349 N. Dr. Martin Luther King Jr. Drive in Milwaukee is also getting $690,000. BMO is also providing that funding. Milwaukee-based KG Development and the Martin Luther King Economic Development Corp. are developing the project, which also includes retail units and makerspace.
Other southeastern Wisconsin projects or programs receiving AHP subsidies include:
- Bethesda Cornerstone Village — Highland, Milwaukee
- Bronzeville scattered sites, Milwaukee
- United Community Center's first-time home buyer services, Milwaukee
- Lincoln Villas North Inc. rental-housing rehabilitation work, Racine
- River Parkway Apartments and Townhomes phase two, Wauwatosa
- Housing Resources Inc.'s Pathway Home 2022 program, in Kenosha, Milwaukee, Racine and Waukesha counties.
"Through the acquisition, rehabilitation and new construction of these housing units, these awards will help support eight FHLBank Chicago member institutions in Milwaukee as they partner with local organizations to develop and expand the supply of high-quality and affordable housing in the communities they serve," an FHLBank Chicago spokesperson said in an email.
The 11 regional FHLBanks are cooperatively owned by member financial institutions. They supply lendable funds to help lenders invest in local needs such as housing and jobs.
Each FHLBank has its own AHP, to which it must contribute 10% of its earnings. AHP money is used to finance the creation of owner-occupied housing or rental housing for low- or moderate-income households.
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