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 and older or people with disabilities under a 100% project-based Section 8 contract. Arvin said recent occupancy was about 97 percent.

Key details from the presentation and board discussion: - Sponsor and developer: Monroe Plaza Housing 1 LLC; developer and incoming owner’s representative: SDG Housing Partners. - Project scope: SDG described building- and exterior-level improvements (new windows, energy-efficient roof, key‑fob entry, updated common areas and fitness spaces), unit interior work to be scoped after unit inspections, and site/landscaping and security upgrades. Arvin said the firm will perform unit-level surveys before finalizing exact unit renovation scope. - Management: SDG said it intends to contract with ACC (a local management company) and estimated roughly six on-site staff (two office staff, a service coordinator, two maintenance staff and janitorial support). - Tenant relocation: Arvin said renovations would use temporary relocation methods (holding vacant units or short hotel stays) and would follow HUD relocation requirements for a HUD-subsidized property; he said there would be “no permanent relocation.” - Bond amount and process: Linda Templin, serving as bond counsel for the project, said the authority was being asked to approve a not‑to‑exceed amount and that the final bond amount will likely be lower after the project applies for a state volume cap allocation. “The bond undoubtedly will not be quite that large because our next step … will be to go to [state volume cap administrator] to get volume cap for the project,” Templin said. She described the authority’s initial resolution as the first of the authority’s two required resolutions and noted an additional approval by the City of Green Bay will be required (TEFRA/municipal approval) before bonds can be issued.

Timeline discussed: The developer said it expects to close on the acquisition within roughly 60 days, to apply for low-income housing tax credits in December, and to start construction in the year after credits are awarded. Templin said bond closing would follow receipt of volume cap and a bank commitment; the presenters estimated a possible closing in mid-September if those pieces align.

Board action and next steps: After questions from several board members about management experience, accessibility upgrades and the basis for the $27.5 million not‑to‑exceed figure, a board member moved to adopt the initial resolution and another board member seconded. The authority approved the initial resolution by voice vote; the presenters were told the matter will return for additional authority and city approvals as documents and financing commitments are finalized.

The authority and developer repeatedly emphasized that the initial resolution does not set final project scope or final bond amounts; SDG said it will return with details once unit-by-unit inspections, architect and general contractor input, volume cap and lender commitments are in hand.