MILWAUKEE -- Ground was broken and construction began Thursday, Feb. 22 on SEVEN04 PLACE, a $12.2 million development that will offer 60 homes with on-site supportive services for military veterans, working families and those in need in Milwaukee's Walker's Point neighborhood.
According to a news release, the complex will feature one-, two- and three-bedroom apartments. There will be 46 "affordable housing" units, and 14 will be dedicated to permanent supportive housing for military vets and others "who have struggled with barriers to housing stability."
There will also be on-site amenities such as a multipurpose community lounge, fitness room, on-site property offices, surface parking, indoor bike and resident storage, and a washer and dryer in each unit. The new community will be accessible to public transportation, located within blocks of multiple Milwaukee County Transit System bus stops and a 10-minute bike ride to downtown Milwaukee.
The Milwaukee County Housing Division and Center for Veterans Issues will refer individuals and families in need of affordable housing, manage on-site support services and help connect resident veterans to community-based services. This includes access to existing programs administered through the agencies and providing case management for health care, rehabilitation, job training, education and social services.
UnitedHealthcare is providing $6.3 million in equity through a Low-Income Housing Tax Credit (LIHTC) partnership with Cinnaire and Minnesota Equity Fund.
The Wisconsin Housing and Economic Development Authority (WHEDA) allocated tax credits for 49 of the 60 units and is providing $3.2 million in loans and mortgage financing for the entire development. The City of Milwaukee; the U.S. Department of Housing and Urban Development; IFF and the Federal Home Loan Bank of Chicago; Wisconsin Economic Development Corporation (WEDC); and NeighborWorks contributed $2.2 million in additional funding. Impact Seven and Rule Enterprises is providing $450,000 in
deferred development fees.