Green Bay Housing Authority approves initial $27.5 million bond resolution for Monroe Plaza senior housing

The Green Bay Housing Authority on Thursday adopted an initial resolution allowing tax-exempt housing revenue bonds of up to $27.5 million to support the acquisition and rehabilitation of Monroe Plaza, a 197-unit senior apartment tower in downtown Green Bay.

The resolution, described to the authority as an initial step, is intended to let Monroe Plaza Housing 1 LLC move forward with applying for volume cap and later refinance bridge financing with bond proceeds. “We are very excited about the opportunity and possibility to renovate and modernize this existing 100% affordable property,” Michael Arvin, director of development for SDG Housing Partners, said in his presentation to the authority.

Why it matters: The developer said bond financing is needed to make the renovation financially feasible and to preserve the property as affordable senior housing. The project is described in meeting materials as a 197-unit, one-bedroom tower built in 1975 and set aside for residents age 62…