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Waukesha RDA approves $720,000 loan for 36‑unit Meadow Lane affordable housing project
Summary
The Waukesha City Redevelopment Authority approved a $720,000 Affordable Housing Development Fund loan for a proposed 36‑unit, three‑story workforce housing building on Meadow Lane. Loan terms, income restrictions, site challenges and other funding sources were discussed; the motion passed with five ayes and one abstention.
The Waukesha City Redevelopment Authority on Oct. 20 approved a $720,000 loan from its Affordable Housing Development Fund to support a proposed 36‑unit residential development on a vacant parcel on Meadow Lane between Silverhill and Marshfield Street.
The loan — $20,000 per unit — was approved on terms the authority described as a 30‑year repayment at 1 percent annual interest with interest‑only payments for the first two years. Disbursement of funds will be tied to the issuance of building permits; the authority also set a one‑year time limit on reserving the funds for the project.
The loan is intended to help the developer, identified in the meeting as the project’s principal developer Dewan Cherry, make the project financially viable while keeping units affordable to households at or below Waukesha County median income levels. Cherry described the proposal as a three‑story building with a mix of one‑ and two‑bedroom units and said the…
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