WHEDA will provide $4.7 million in financing for the King Commons III development.
The Wisconsin Housing and Economic Development Authority (WHEDA) announced it will provide $4.7 million in financing for the King Commons III development in the 2700 block of North Dr. Martin Luther King Jr. Drive in Milwaukee. WHEDA is also providing $5.8 million in low-income housing tax credits for the project, bringing its total investment in the project to $10.5 million.
King Commons III will be developed by Martin Luther King Economic Development Corp. It will be a three-story, mixed-use building with 24 low-income apartments. The apartments will have two to three bedrooms and will be rented for $595n to $857 a month. The building will also have 2,000 square feet of retail space.
King Commons I, completed in 2005, is a mixed-use building at 2774 N. Dr. Martin Luther King Jr. Dr. with 18 apartments and 6,500 square feet of commercial space. King Commons II includes a mixed-use building with nine apartments at 2767 N. Dr. Martin Luther King Jr. Dr. and 15 scattered home sites along North 4th Street, North 2nd Street and West Hadley Street.
