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MSP affordable housing term sheet stalls after $2 million grant not awarded

Wauwatosa City Financial Affairs Committee · November 11, 2025

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Summary

City staff told the Financial Affairs Committee that an MSP Real Estate affordable housing proposal for the Burley Triangle lacks a critical $2 million grant and is not moving forward; Milwaukee County had pledged $1 million but the project has no financial path forward at this time.

City staff told the Wauwatosa Financial Affairs Committee that a proposed MSP Real Estate affordable housing project for Foundry Way in the Burley Triangle no longer has a financing path after the developer failed to receive a key $2 million grant.

John (city staff) said the developer was ‘‘probably within one or two projects below the line’’ for the grant selection, and without that $2 million the project cannot proceed as planned. Staff noted Milwaukee County had been supportive and had dedicated $1 million to the project, but that commitment alone did not fill the gap.

Committee members characterized the result as a cautionary example of how complex affordable housing financing can be and said they hope to continue working with MSP on future projects. The item is effectively tabled until alternate financing is identified.