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Council pledges $300,000 CDBG toward 50-unit senior housing project, contingent on WHEDA tax credit award
Summary
The Superior Common Council approved a resolution to commit $300,000 in 2014 CDBG funds to a proposed 50-unit senior apartment development at 1300 Weeks Avenue, contingent on an award of low-income housing tax credits from the Wisconsin Housing and Economic Development Authority.
The Superior Common Council on Jan. 15 approved a resolution to commit $300,000 in 2014 Community Development Block Grant (CDBG) funds to support a proposed senior apartment development at 1300 Weeks Avenue, contingent on the developer receiving low-income housing tax credits from the Wisconsin Housing and Economic Development Authority (WHEDA). The measure passed on a voice vote.
Planning and Port Director Jason Serk introduced the resolution and described the application process: the city's CDBG commitment will strengthen the developer's WHEDA application by demonstrating local financial participation and local support. "The CDBG counts for some points for Paul's application, but it also shows some city interest," Serk said.
Developer Paul Gerard of the Gerard Corporation told the council his company is a family-owned developer that specializes in housing and has worked on projects in small communities. Gerard said the proposed building would be new construction of about 50 units, with roughly 75 percent one-bedroom apartments. He said the project is planned for the "south-southeast corner of Thirteenth and Weeks" and that the local housing authority has agreed to sponsor and, if credits are awarded, manage the project.
On affordability and tenant eligibility, Gerard said the project is not subsidized: "you can't have too little income to live here because we are not subsidized. But you you can't there's also a maximum too." He added the design emphasizes at-grade covered parking with housing beginning on the second floor and includes common areas and amenities such as in-unit washers and dryers, free Wi-Fi, a library/reading room and exercise space.
Why it matters: the $300,000 CDBG commitment is contingent on WHEDA tax credits; if WHEDA does not award credits the city commitment would not be used. Mayor Hagan said he would draft a letter of support and that the city and redevelopment authority will provide supporting materials for the tax credit application.
Next steps: the developer and housing authority will proceed with the WHEDA application; council action on the CDBG contribution is contingent on WHEDA awarding the tax credits.
The resolution was presented as Item 10.1; the council approved the resolution by voice vote.
