Wisconsin Housing and Economic Development Authority (WHEDA) executive director Antonio Riley joined community leaders including representatives from Wisconsin Redevelopment LLC, Layton Boulevard West Neighbors (LBWN) and State Farm Insurance on Friday, May 21st at Arlington Heights Park, 3429 W. Pierce Street, Milwaukee, to celebrate the construction kick-off of Silver City Townhomes.
In 2009 WHEDA allocated $3.4 million in Low Income Housing Tax Credits to the development team of Wisconsin Redevelopment and LBWN to construct Silver City Townhomes. Earlier this year, WHEDA provided a grant of $1.3 million in federal Exchange program funding to fill a financing gap.
“With south side communities like Silver City neighborhood growing at such a rapid pace each year, we recognize there is a greater need for high quality affordable housing options in this area,” said Executive Director Riley. “That’s why we’re excited to partner with Layton Boulevard West Neighbors and Wisconsin Redevelopment to bring residents these new townhomes, which will be an excellent addition to this historic neighborhood.”
The 20 rent-to-own affordable units, which are being constructed on a vacant parking lot at the 3500 block of W. Pierce Street, will be made available to families earning 60 percent or less of the area median income.
The federal Exchange program allows WHEDA to exchange previously allocated Low Income Housing Tax Credits to cash for equity investment. State Farm will purchase the tax credits providing equity for the Silver City Townhomes project.
The development, which will utilize sustainable and high-performance green building elements, will help create approximately 23 new construction jobs for area workers. Silver City Townhomes will also feature an outdoor athletic court that includes basketball hoops and a tennis court for resident and neighborhood use.
During the Doyle Administration in the City of Milwaukee, WHEDA has invested over $500 million in tax credits and financing to help preserve, rehabilitate and create over 5,200 units of affordable housing, many of which are located in Central Milwaukee.