Two projects in southeastern Wisconsin were among the three developments statewide receiving a total of $1.9 million in National Housing Trust Fund financing from the Wisconsin Housing and Economic Development Authority.
According to WHEDA, the projects would provide housing to extremely low-income elderly and disabled residents.
The Chapel Garden project in the city of Milwaukee will receive nearly $577,800 in financing. Led by Fox Point-based General Capital Group, Chapel Garden will create 63 units of mostly elderly housing — including 20 Housing Trust Fund units for residents at or below 30% of median area income — in the St. Joseph convent building and four townhouse-style workforce housing units in the St. Jude building at 1501 S. Layton Blvd.
Other funding sources for the project include the School Sisters of St. Francis, $983,000 of affordable-housing tax credits from WHEDA and state and federal historic tax credit equity.
Bristol Commons in the village of Bristol will receive $719,000. Led by Kenosha-based Bear Development, it involves the construction of 48 mostly elderly units, with 12 Housing Trust Fund units set aside for residents at or below 30% of median area income. The project is also receiving $786,000 in affordable-housing tax credits from WHEDA.
A third project, Orchard Ridge in the village of Ashwaubenon, will receive nearly $645,000. Also led by General Capital Group, it involves the acquisition and rehabilitation of 43 family units with 21 Housing Trust Fund units for residents at or below 30% county median income.
Housing Trust Fund financing takes the form of low-cost, subordinated debt. Since the first federal allocation of housing trust funds in 2016, WHEDA has awarded $9.7 million to help advance 112 housing units. The federal program is funded by a portion of a 0.042% fee on Fannie Mae and Freddie Mac activity to guarantee loans and create mortgage backed securities.