Commerce Announces $1 Million to Develop Affordable Rental Housing

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 [email protected].


 


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, Waupaca County


Description:         The Village of Iola, CAP Services and Iola Nursing Home, Inc., with support from HOME funds,  will develop a 24-unit structure that will include eight HOME units of affordable housing. A second phase of the project will add 24 more units of affordable housing.  This complex will be known as the Living Oaks.


 


 


Applicant:             Wisconsin Housing Preservation Corp.


Total Cost:           $3,403,000


Recommended Award:   $391,515


Project Name:     Wausau North


City & County:     Wausau, Marathon 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:     Randolph Court II


City & County:     Wausau, Marathon County


Description:         Wisconsin Housing Preservation Corp.will acquire and rehabilitate the  Randolph Court II Project. Constructed in 1979, the project incldues  58 units of market-rate housing in 24 one-bedroom units, 24 two-bedroom units and 10 three-bedroom units. The project  comprises three two-story apartment buildings and one two-story townhouse building. HOME funds will support the acquisition, rehabilitation and preservation of  this project, and  provide 11 HOME units for residents who are at 50 percent of county median income.


 


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