A $14.1 million purchase and renovation of an apartment community on Milwaukee’s north side will preserve 90 affordable housing units for people with low incomes.
Renovations are to start this week at Meadow Village, 1470 N. 17th St., and be completed in June, according to St. Paul-based CommonBond Communities Inc.
CommonBond, a nonprofit affordable housing developer, bought Meadow Village in May for $5.6 million, and will spend $8.5 million on improvements, said Alicia Cordes-Mayo, director of strategic and internal communications.
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CommonBond on Tuesday completed its financing for the project, which will include renovations as well as a new community room, playground and management office.
Meadow Village consists of 16 two-story town home buildings spread across 7.4 acres.
The renovations will include new kitchens, bathrooms, windows, appliances, cabinetry, and in-unit washers and dryers, plus adding central air conditioning.
The project will “ensure this property provides high-quality affordable housing options long into the future,” said Cecile Bedor, CommonBond’s executive vice president of real estate.
Because of a housing subsidy funding stream CommonBond is preserving through this acquisition, residents will only pay 30% of their income in rent.
The project’s funding partners include the National Affordable Housing Trust, UnitedHealth Group, the City of Milwaukee, the Wisconsin Housing and Economic Development Authority and Colliers Securities.
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This article originally appeared on Milwaukee Journal Sentinel: A $14.1 million redevelopment of a north side apartment community will preserve 90 affordable housing units