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Green Bay Housing Authority approves $350,000 loan for 95‑unit workforce apartments at JBS site
Summary
The Green Bay Housing Authority approved a five‑year, $350,000 loan at 3% interest to support a 95‑unit workforce housing development adjacent to the JBS plant; board members discussed fund availability and accessibility features before the unanimous approval.
The Green Bay Housing Authority on July 30 approved a $350,000 loan to Grand Boulevard Apartments LLC to help finance a 95‑unit workforce housing development adjacent to the JBS plant off Imperial Lane. The loan carries a 3% interest rate and a five‑year term, with the developer proposing to refinance and pay the principal plus accrued interest in a single payment at the end of the term.
The loan fills a funding gap created after federal HOME funds could not be used because of a Build America/Buy America requirement imposed through HUD that increased project costs, the developer said. The project, led by developer Gorman, would provide three buildings totaling 95 apartments targeted to households at roughly 80% to 120% of county median income and will be open to the general public; the developer said it will also partner with nearby JBS to house some plant workers.
Board discussion focused on the authority's available funds and safeguards for future needs. GBHA staff said the agency has approximately $1.3 million in its unrestricted revenue bond account, with $500,000 already obligated to finish Mason Manor, leaving about $800,000 in that pool; after approving the $350,000 loan the staff reported roughly $462,000 would remain. Board members asked whether any other major projects would require the funds within the five‑year horizon; staff said none were expected.
Developer Ted (developer) described the proposal as “a ground breaking pioneering project” and said the rents would hit “the missing middle” of 80%–120% median income. He told the board that HOME funding would have required specific Buy America compliance and lower income limits that made that funding source impractical for this project. Ted said the project’s lender has agreed to a mezzanine debt structure that supports the developer’s financing plan.
Board members also asked about accessible units. The developer said the building is non‑elevator and that four first‑floor units would be adaptable and accessible; he invited GBHA staff to review the plans and identify low‑cost accessibility adjustments that could be incorporated during construction.
A motion to approve the loan was made and seconded; the board recorded ayes with no opposition and the motion carried.
Why it matters: The loan represents a local financing approach to support market‑rate workforce housing when federal funding becomes restricted by new Buy America requirements. The authority will hold the loan as a short‑term asset to be repaid when the developer secures long‑term financing.
Details: Loan amount $350,000; interest 3% for five years; developer repayment via refinance and single payoff after five years. Project: 95 units, aimed at 80%–120% of median income; three buildings on site adjacent to the Kroc Center and Imperial Lane.
Next steps: The developer will continue construction; GBHA staff will monitor fund balances and coordinate review of accessibility plans with the developer.
