Affordable Apartments Planned For Harambee Area Take Steps Forward, Including A Proposed Site Purchase
A 57-unit apartment development planned for Milwaukee’s Harambee neighborhood is proceeding. (Photo: City of Milwaukee)
An affordable apartment development planned for Milwaukee’s Harambee neighborhood is taking steps to proceed, including a proposed site purchase.
A new investment group, Five Points MLK EDC LLC, would buy several vacant lots from the city for $25,000, under a new proposal pending before the Common Council.
Those lots, which comprise the 1.1-acre development site, are at 3317-3349 N. King Drive and 456 W. Concordia Ave., just across the street from the new Bader Philanthropies headquarters.
The proposed land sale is to have its initial public hearing at Thursday’s meeting of the Redevelopment Authority board. It also needs council approval.
The Five Points group, formed by the nonprofit Martin Luther King Economic Development Corp., in January disclosed plans to develop a five-story building with ground-floor retail and 57 apartments on the upper floors.
The building would be a mix of affordable and market-rate apartments.
Five Points plans to apply for federal affordable housing tax credits in the 2021 competitive round, said Anthony Kazee, who operates KG Development Group LLC. KG Development also is involved in the project.
Developers that receive those tax credits must provide at least 85% of a building’s apartments at below-market rents to people generally earning no higher than 60% of the local median income. The annual competition usually awards tax credits in April.
The developers are also securing financing from other sources, including philanthropies, banks, the U.S. Department of Housing and Urban Development and other equity partners, Kazee said.
The apartments would build on the Bader Philanthropies offices, 3300 N. King Drive, and other recent developments in the Harambee neighborhood, and could attract additional investment, according to the Department of City Development.
Source: judi poker online