U.S. Bank, MSP Development and Movin’ Out have closed on $7.2 million of federal Low-Income Housing Tax Credit (LIHTC) equity for the $10.9 million construction of Meadow Ridge Apartments, a new mixed-income housing complex in Waukesha.
The project is scheduled to be completed throughout the spring and summer of next year.
Meadow Ridge Apartments will exemplify Universal Design principles and consist of 70 one-, two- and three-bedroom rental units for working class individuals and families, regardless of age or ability, with six of the units specifically set aside for tenants with physical or mental disabilities. The development is currently under construction as part of a larger development, Heritage Court Waukesha, a 36-unit memory care community located near the intersection of Meadow Lane and Silvernail Road.
“Strong communities include individuals of all abilities,” said Lynn Craghead, senior vice president of U.S. Bank. “We’re honored to support the development of Meadow Ridge Apartments, as it will give those living with disabilities a new option for safe and secure housing and access to quality, compassionate treatment.”
LIHTCs, which were awarded by the Wisconsin Housing and Economic Development Authority (WHEDA) in April and are now being capitalized by U.S. Bank through its community development subsidiary, U.S. Bancorp Community Development Corp., offset the cost of the construction, allowing 61 of the units to be rented at below-market, affordable rates. Town Bank of Hartland provided the construction loan.
“We’re excited to bring another high quality affordable housing development to Waukesha County,” said Jacob Klein, vice president of MSP Development. “This is the most underserved market in the state and MSP and our partners, Movin’ Out, U.S. Bank and WHEDA, are committed to developing integrated housing for individuals with disabilities, as well as those of all income levels now and in the future. We are proud serve Wisconsin’s residents not only by developing housing, but by creating jobs and the providing the highest quality care for our residents.”
MSP develops senior housing, assisted living and memory care, as well as affordable and market rate apartments. Over the past 5 years, MSP has constructed more than 700 units of housing in Wisconsin and created over 300 full- and part-time permanent jobs at its senior living communities.
“Developing housing that is integrated into the community benefits not only the people with disabilities, but their new neighbors as well,” said Dave Porterfield, a developer at Movin’ Out. “For the people who know them as neighbors, the stigma or feeling of discomfort fades away as they get to know them for the people they really are with multiple facets. For the disabled person, this type of housing setting often offers them the opportunity to live and work and make contributions as taxpayers. We’re pleased to be partnering with MSP Real Estate in this joint venture.”
A statewide nonprofit, Movin’ Out’s mission is to create affordable housing opportunities for households that include a family member with a permanent disability. This is Movin’ Out’s third joint venture with MSP Real Estate.