Boston Capital Invests in Affordable Multifamily Development for Special Needs Residents
- Nov 22, 2011
West Allis, Wis.— Boston Capital, a real estate investment firm, is investing in the construction of Highland Commons, a 50-unit multifamily affordable housing development for residents in West Allis, Wis. Highland Commons will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are Cardinal Capital Management, Inc., based in Madison, Wis., and the Milwaukee Center for Independence (MCFI). To date, Boston Capital has invested in more than 1,550 units of affordable housing in Wisconsin.
Highland Commons will feature 50 one-bedroom units located in one, three-story elevatored building. Development amenities will include a computer/business center, a community center with kitchen and common area space for residents’ use, central laundry rooms, a beauty salon/barber shop and an exercise room. Units will be available to individuals and families with incomes at 60 percent or less of the Area Median Income (AMI).
Individuals will be referred to the apartment community through the SAIL (Service Access to Independent Living) program at Milwaukee County or through an individual’s Medicaid HMO. TLS Behavioral Health, an affiliate of MCFI, will offer comprehensive supportive services to residents who request them.