U.S. Bank is providing nearly $10 million in financing to help Heartland Housing Inc. develop a 37-unit family supportive housing project on a once vacant piece of land in northeast Milwaukee.
U.S. Bank’s commitment includes $9.6 million of federal Low-Income Housing Tax Credit (LIHTC) equity, which subsidizes the cost of the construction, allowing the housing units, which are located in the Harambee neighborhood, to be rented at below-market, affordable rates.
“Our shared commitment to empowering individuals so that they can meet their most basic needs makes a partnership with Heartland a natural fit,” said Rob Wasserman, senior vice president for U.S. Bancorp Community Development Corp. (USBCDC), the community development subsidiary of Minneapolis-based U.S. Bank that made the investment. “Heartland’s work is strengthening communities across the Midwest and around the world, and we look forward to partnering with them again in the future.”
Located at Center and Buffum Streets, the development will offer nine two-bedroom units, 18 three-bedroom units, and 10 four-bedroom units for homeless families and those at-risk of becoming homeless. The development will integrate affordable housing with a range of support services provided by Community Advocates, a Milwaukee-based nonprofit that has been providing a wide array of services to homeless and low-income families for the past 35 years. Construction is underway and will be completed by December 2013.
“Because the causes of poverty, injustice and lack of opportunity are interrelated and interlocking, it’s important that the services we provide for residents are similarly comprehensive and integrated,” said Michael Goldberg, executive director of Heartland Housing. “Partnering with Community Advocates allows us to provide high-quality, client-centered services. We’re grateful for U.S. Bank’s assistance in helping make this project a reality.”
