Impact Seven, Rule Enterprises Start Milwaukee Affordable Community
- Feb 24, 2018
A joint venture of Impact Seven Inc. and Rule Enterprises has broken ground on a 60-unit affordable community in Milwaukee’s Walker’s Point neighborhood. Developing Seven04 Place is expected to cost $12.2 million, with affordable housing private investor UnitedHealthcare as its main backer. The company provided $6.3 million in equity through a LIHTC partnership with Cinnaire and and Minnesota Equity Fund as part of an initiative to include on-site support services. These community-based services offered to the prospective tenants—military veterans and working families—vary from health-care and rehabilitation to education and social programs.
“UnitedHealthcare’s investment in Seven04 Place is part of a company initiative to help people live healthier lives by connecting quality and affordable housing to better health,” said Ellen Sexton, CEO of UnitedHealthcare Community Plan of Wisconsin, in a prepared statement.
The community, which will replace a vacant warehouse existing at 704 W. National Ave., is slated to open in early 2019. Upon completion, it will offer one-, two- and three-bedroom apartments. In addition, the building is designed to meet Wisconsin Green Built Home certification standards and to incorporate several energy-efficient elements.
Multiple financing sources
The project has received financial support from several city institutions, including The Wisconsin Housing and Economic Development Authority, in the form of tax credits for 49 of the 60 units and $3.2 million in mortgage financing. An additional $2.2 million came from the city, the U.S. Department of Housing and Urban Development, IFF and the Federal Home Loan Bank of Chicago, Wisconsin Economic Development Corp. and NeighborWorks. The two developers covered the deferred development fees in the amount of $450,000.
Arc-Int Architecture will complete the design work. The contractor is Catalyst Construction.
Rendering courtesy of UnitedHealthcare