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Redevelopment Authority approves $720,000 loan commitment for 36-unit affordable housing project
Summary
The Waukesha Redevelopment Authority approved a $720,000 loan commitment to Cherry Faith (Charley) Properties to support a proposed 36-unit multifamily development; disbursement will be contingent on permits and other conditions.
The Waukesha Redevelopment Authority on Oct. 20 approved a $720,000 loan commitment to Charley/Cherry Faith Properties to support a proposed 36-unit residential project on a vacant parcel on Meadow (Metal) Lane between Silverdale and Marshfield Street.
The loan, recommended by staff and approved by the authority, is structured as a per-unit award of $20,000 (36 units total). Jeff (RDA staff) told the authority the recommendation ties disbursement to the developer securing building permits and includes a one-year reservation window for the funds. "We're recommending very similar terms: 1% annual interest, interest-only payments for the first two years," Jeff said during the presentation.
Why it matters: the site sits adjacent to existing commercial uses (Good Harvest and the Avid Hotel) and has infrastructure and soil challenges staff said increase development costs. The…
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