The Redevelopment Authority of the City of Milwaukee (RACM) board was busy Wednesday.The board approved three brownfield cleanup loans and two tax incremental financing (TIF) districts aimed at closing financing gaps in three proposed affordable housing complexes.
In total, the funding would aid the development of 301 affordable apartments in Bronzeville and Walker’s Point. The primary financing source for each of the developments is state-awarded low-income housing tax credits, but the city subsidies and loans play an important role in closing financial gaps caused by rising construction costs and environmentally contaminated sites.
Kin at Freshwater, a 140-unit, $44.4 million proposal for 200 E. Greenfield Ave., would receive a $2 million developer-financed TIF district. The development team, a partnership of Rule Enterprises and Emem Group, would also receive a $700,000 brownfield cleanup loan with a nine-year payback. The site, part of Freshwater Plaza, was once occupied by Grede Foundry...
Kin at Freshwater, a 140-unit, $44.4 million proposal for 200 E. Greenfield Ave., would receive a $2 million developer-financed TIF district. The development team, a partnership of Rule Enterprises and Emem Group, would also receive a $700,000 brownfield cleanup loan with a nine-year payback. The site, part of Freshwater Plaza, was once occupied by Grede Foundry...
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- - Volume: 24 - WEEK: 29 Date: 7/17/2024 2:25:07 PM -