Green Bay Housing Authority considers $27.5M bond for Monroe Plaza senior housing renovation

The Green Bay Housing Authority has taken a significant step towards enhancing affordable housing for seniors in the community by considering a formal request from Monroe Plaza Housing 1, LLC. During a recent meeting, the authority discussed an initial resolution to acquire and rehabilitate the 197-unit apartment complex located at 400 North Monroe Avenue, aimed specifically at serving senior residents.

The proposed project, presented by Michael Arvin of SDG Housing Partners, seeks to modernize the existing facility, which has a strong occupancy rate of 97% and is exclusively for seniors aged 62 and older or individuals with disabilities. The renovation plan includes extensive upgrades to both the interior and exterior of the building, with a focus on creating a welcoming and secure environment for residents.

Key improvements outlined in the proposal include the installation of energy-efficient windows and roofs, enhanced security systems, and the creation of social spaces such as a community kitchen and fitness area. The project aims to not only preserve but also elevate the quality of affordable housing in Green Bay, ensuring it meets modern standards while remaining accessible to low-income residents.

The Green Bay Housing Authority has the statutory ability to issue tax-exempt bonds for housing projects, which makes this initiative financially attractive for developers. The proposed bond issuance of $27.5 million is expected to facilitate the necessary renovations and ensure the long-term viability of the property.

This initiative reflects a broader commitment to improving housing options for seniors in Green Bay, with the potential to positively impact the lives of many residents. As the project moves forward, it promises to enhance the community's landscape and provide a high-quality living environment for its senior population.