Kenosha-based Bear Development has done something unprecedented by building the largest private affordable housing development in the state.
When it is completed later this year, The Corliss in Milwaukee will provide 576 affordable housing units spanning eight buildings, including 144 units for seniors. The $197 million project involved a complex funding scenario that included National Housing Trust funds, tax incremental financing and a Brownfield Cleanup Revolving Loan from the city.
The complex funding arrangement reflects the reality of building affordable housing, said Elmer Moore Jr., the CEO of the Wisconsin Housing and Economic Development Authority.
Understanding Wisconsin, Together.
“They are incredibly expensive (to build) at this point, with the supply chain labor costs and the cost of capital being just so high,” Moore told WPR’s “Wisconsin Today.” “The per unit cost reaches well into the hundreds of thousands, and when you multiply hundreds of thousands times nearly 600 you get to numbers that are truly astronomical.”…