Department of Commerce Secretary Mary P. Burke today announced awards totaling $1.033 million to three low-income rental housing projects through the HOME Rental Housing Development Program administered by the Department of Commerce. This funding will directly provide more than 50 dwelling units.
“These awards will both expand affordable housing opportunities and foster local development, two key elements in growing our local economies,” Secretary Burke said. “By providing more affordable housing options, increased business activity will follow, creating new jobs for the community.”
The HOME Rental Housing Development Program helps local developers increase the stock of affordable rental units. The rental units are leased to persons who have low and very low incomes. The awards allow rental property owners cover a portion of the construction costs and other development expenses.
For further information about this program, contact Jim Frymark, Commerce, Bureau of Local Development, at 608/266-2742, or jfrymark@commerce.state.wi.us.
The awards are as follows:
Applicant: CAP Services, Inc (CHDO)
Total Cost: $4,328,983
Recommended Award: $210,000
Project Name: Living Oaks Residential Community Assisted Center (RCAC)
City & County: Iola,
Description: The
Applicant: Wisconsin Housing Preservation Corp.
Total Cost: $3,403,000
Recommended Award: $391,515
Project Name:
City & County:
Description: Wisconsin Housing Preservation Corp. will acquire and rehabilitate the Wausau North Project. The project, built in 1972, incldues 100 units for low-income residents in five two-story apartment buildings and two two-story townhouse buildings. HOME funds will support the acquisition, rehabilitation and preservation of the project, and provide 11 HOME units for residents who are at 50 percent of county median income.
Applicant: Wisconsin Housing Preservation Corp.
Total Cost: $2,275,835
Recommended Award: $401,835
Project Name:
City & County:
Description:
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