Affordable apartments planned for Washington Park, Walker's Point seek city financing help, project site

Two Milwaukee affordable apartment developments are proceeding, with one seeking city financing help and the other buying a city-owned project site.

The planned developments are in the Washington Park and Walker's Point neighborhoods. Both have received federal affordable housing tax credits.

Developers that receive those credits, which are granted through an annual competition, must provide at least 85% of the building's apartments at below-market rents.

Those units are available to people earning no higher than 60% of the Milwaukee area's median income.

In the Washington Park neighborhood, Heartland Housing Inc. wants to convert the former 37th Street Elementary School, 1715 N. 37th St., into 49 apartments, ranging from studios to two-bedroom units, for senior housing.

The Chicago-based firm is seeking $460,000 in city financing help for the $13.3 million development, according to a new proposal.

Those funds would be provided from the development's property taxes in annual payments to Heartland.

Additional information about that proposed tax incremental financing district wasn't immediately available from the Department of City Development.

The financing district proposal is to have a public hearing before the Redevelopment Authority at its March 19 board meeting. It also needs Common Council approval.

Heartland plans to use state and federal historic preservation tax credits as part of the development's financing.

Meanwhile, a group led by Rule Enterprises LLC and Lutheran Social Services of Wisconsin and Upper Michigan Inc. wants to buy two city-owned properties at 1313 and 1329-1331 W. National Ave.

That site would be used for the planned $17.8 million Thirteen31 Place Apartments. The four-story building would have 89 units, ranging from one to three bedrooms. 

The lots, totaling 72,200 square feet, would be sold for $150,000, according to a city report. Their buildings, which are in poor condition, are to be demolished--except for a garage.

That land sale needs Common Council approval. The city acquired the parcels through property tax foreclosure.

Rule Enterprises also is seeking a state grant to help pay for the site's environmental cleanup.