The former Winding Roofing industrial site along West State Street in Wauwatosa could become affordable homes marketed to adults 55 and older.
[caption id="attachment_363065" align="alignright" width="392"] Rendering of project[/caption]
The $25 million to $30 million project would include an affordable housing component that developer Mark Hammond with West Allis-based MSP Real Estate Inc. says is needed in the city.
Wauwatosa has not had an affordable housing project built since about 2012.
Project plans include 18 townhomes and a four-and-a-half story, 118-unit apartment building located at 6400, 6410, and 6442 River Parkway. The property is owned by Jeff Schaefer of Parkway Development LLC.
Approximately two-thirds of the apartment units and two-thirds of the townhomes would be affordable units, said Hammond. Those units would be set aside for people whose incomes are at or below 30, 50 or 60 percent of Milwaukee County’s median household income.
For a family of three, 50 percent of the county’s median household income is $34,800 a year, according to WHEDA guidelines.
Hammond plans to apply for $14 million in Low Income Housing Tax Credits (LIHTC) through WHEDA in December. He said the project is dependent on getting the credits.
Approximately 47 percent of Wauwatosa’s households are aged 55 or higher and 34 percent of seniors earn less than $25,000 annually, according to city documents.
There are 242 affordable senior-only units and 82 affordable senior and disabled units in Wauwatosa that were identified in a city housing study.
“The proposed project will significantly increase the number of both affordable senior and affordable units for seniors with disabilities,” according to city documents.
The Wauwatosa plan commission will review project plans Oct. 8.