Local Leaders Take Part in King Drive Commons II Opening
- Mar 25, 2008
Milwaukee–The Wisconsin Housing and Economic Development Authority (WHEDA), Martin Luther King Economic Development Corp. (MLKEDC) and Enterprise Community Investment Inc. recently celebrated the opening of King Commons II, a 24-unit affordable housing project located on nine scattered sites between 2nd and 4th St., near Martin Luther King Drive and West Hadley Streets in Milwaukee.Mayor Tom Barrett, Antonio Riley, executive director of WHEDA, and Ben Johnson from the MLK Economic Development Commission were present at the opening. The project includes duplex units, three-family units and single-family homes, all with garage parking. Rents range from $450 to $650 per unit.“It’s very rewarding for WHEDA to have played a role in adding another development to the neighborhood along King Drive,” says Riley.Welford Sanders, executive director of MLKEDC adds, “The community response to the King Drive Commons Development has been tremendous. Within six months of the start of construction in May of last year, Commons II was completely leased.”Plans are now underway for the third phase of this affordable housing development, which is part of a larger, comprehensive plan to help revitalize one of Milwaukee’s oldest neighborhoods.Enterprise made a $5.6 million low-income housing tax credit (LIHTC) equity investment in King Commons II and a $3 million LIHTC investment in King Commons I. WHEDA allocated these tax credits to MLKEDC as well as provided $4.6 million in financing for King Commons II. WHEDA’s total investment in both phases since 2003 has been $13.4 million in tax credits and financing. In addition, the city of Milwaukee also provided funding.