Affordable Housing Developments Receive Crucial City Financing

Two affordable apartment projects in Milwaukee are set to receive significant financial support from the city, as part of a broader effort to address the growing need for accessible and affordable housing options. The Kin at Freshwater and Bronzeville Creative Arts and Technology Hub developments will together receive .7 million in tax incremental financing (TIF) assistance, enabling these projects to move forward and provide much-needed housing and community resources to the local area.

Unlocking Affordable Housing Opportunities in Milwaukee

Kin at Freshwater: Revitalizing the Harbor District

The Kin at Freshwater development, located in the Harbor District at 200 E. Greenfield Ave., is a 140-unit affordable housing project that will receive million in TIF financing. This mixed-use development will also include 1,300 square feet of street-level office space for Unite WI Inc., a nonprofit organization that provides training for healthcare workers. The .4 million project is being developed by Rule Enterprises LLC and Emem Group LLC, and is planned for a city-owned vacant lot within the Freshwater Plaza mixed-use development.The Kin at Freshwater project represents a significant investment in the Harbor District, a rapidly evolving area of Milwaukee that has seen increased development and revitalization efforts in recent years. By providing affordable housing options and community resources, this development aims to ensure that the benefits of the district's growth are accessible to a diverse range of residents.

Bronzeville Creative Arts and Technology Hub: Fostering Creativity and Opportunity

The Bronzeville Creative Arts and Technology Hub is a million development that will receive 0,000 in TIF financing. This project, being developed by Fit Investment Group LLC, is planned for a city-owned vacant site in the Bronzeville neighborhood and will include 28,750 square feet of commercial space. The commercial space will feature production facilities for filmmakers, musicians, and other creative professionals, providing a hub for artistic expression and entrepreneurship in the community.By investing in the Bronzeville Creative Arts and Technology Hub, the city is recognizing the importance of supporting the arts and creative industries as drivers of economic and community development. This project will not only provide affordable housing units, but also create opportunities for local creatives to thrive and contribute to the vibrancy of the Bronzeville neighborhood.

Leveraging Public-Private Partnerships for Affordable Housing

Both the Kin at Freshwater and Bronzeville Creative Arts and Technology Hub developments are receiving additional public financing, including affordable housing tax credits. These tax credits, which are sold to raise equity financing, require the developers to provide most of the apartments at below-market rents to individuals and families earning no more than 60% of the area median income.The use of TIF financing and affordable housing tax credits demonstrates the city's commitment to leveraging public-private partnerships to address the pressing need for affordable housing in Milwaukee. By providing financial assistance and incentives, the city is enabling these developments to move forward and deliver much-needed housing and community resources to underserved neighborhoods.

Addressing Environmental Challenges for Affordable Housing

In addition to the Kin at Freshwater and Bronzeville Creative Arts and Technology Hub projects, the city is also providing financial support for an environmental cleanup at another affordable housing development in the Harbor District. The Redevelopment Authority board will consider two loans totaling .5 million to finance the cleanup at the 100 East apartment community, a 140-unit development being built by Kenosha-based Bear Development LLC.This environmental cleanup funding, which comes from a Redevelopment Authority fund that receives grants from the U.S. Environmental Protection Agency, demonstrates the city's commitment to addressing the challenges that can arise when developing affordable housing on previously used or contaminated sites. By providing this support, the city is helping to ensure that these projects can move forward and deliver much-needed housing options to the community.Overall, the city's investment in these affordable housing developments, along with the accompanying public financing and support, represents a significant step forward in addressing the housing needs of Milwaukee's residents. By leveraging public-private partnerships and innovative financing strategies, the city is working to create more accessible and inclusive communities that offer opportunities for all.