Newly completed $12.2 million development provides 60 new homes for working families and adults struggling with barriers to housing stability.
Community leaders, local residents and development partners recently joined for a ribbon-cutting ceremony to celebrate the completion of Seven04Place, a new 60-unit affordable housing development in the Walker’s Point neighborhood of Milwaukee. Cinnaire, thru a strategic partnership with UnitedHealthcare and the Minnesota Equity Fund (MEF), provided a $6.3 million Low Income Housing Tax Credit (LIHTC) investment to support the $12.2 million development.
Developed by Impact Seven and Rule Enterprises, Seven04Place was built on an empty lot with a vacant warehouse, that has now been transformed into a vibrant, new community that features one-, two- and three-bedroom apartments, including 46 units of affordable housing for working families and individuals. An additional fourteen apartments are dedicated to providing permanent supportive housing for adults who have struggled with barriers to housing stability.
“We wish to congratulate Brandon Rule, Impact Seven, the City of Milwaukee and the many partners that made this project possible,” said Chris Jillings, Cinnaire vice president, Business Development. “It really took a collaborative effort to bring this much-needed affordable housing to Walker’s Point. We are proud to place the equity for this project and provide Milwaukee families and individuals with high-quality, affordable housing with supportive services.”
Seven04Place features on-site amenities such as a multipurpose community center, fitness room, on-site property offices, surface parking, indoor bike and resident storage, and a washer and dryer in each unit. The new community is easily accessible to public transportation, and located within blocks of multiple Milwaukee County Transit System bus stops and a 10-minute bike ride to downtown Milwaukee.
“This project was truly a testament to perseverance and an important step in the revitalization and preservation of the Walker’s Point and Walker’s Square neighborhood,” said Brandon Rule, CEO of Rule Enterprises. “The ability to create quality affordable housing for working families within the city of Milwaukee makes it all worth it.”
The Wisconsin Housing and Economic Development Authority (WHEDA) allocated tax credits and provided $3.2 million in loans and mortgage financing. An additional $2.2 million in funding was received from several partners: including 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.
“Access to affordable housing is an important part of how we can help spur economic development that creates jobs and opportunities for individuals and families in our state,” said WHEDA executive director Joaquin Altoro. “Seven04Place is an example of how the public and private sectors within our community can work to impact change.”
UnitedHealthcare, which employs more than 9,200 people in the state and serves the health care needs of more than 1.6 million residents, has partnered with Cinnaire and MEF to invest nearly $12 million to help build two new affordable housing communities with 154 homes in Milwaukee and Madison.
“Access to safe and affordable housing is one of the greatest obstacles to better health, affecting people’s well-being and quality of life,” said Ellen Sexton, CEO, UnitedHealthcare Community Plan of Wisconsin. “These investments connect individuals and families struggling to secure affordable housing with safe, quality, homes that will help them live healthier lives.”
The Milwaukee County Housing Division (MCHD) and Center for Veterans Issues (CVI) 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.