Meadow Ridge Apartments, a mixed-income housing complex, has
received $7.2 million in federal Low-Income Housing Tax
Credit equity.The complex of 70 units will be built near
Meadow Lane and Silvernail Road.
- U.S. Bank, MSP Development, and a nonprofit organization
called Movin’ Out have closed on $7.2 million of federal
Low-Income Housing Tax Credit (LIHTC) equity for the $10.9
million construction of Meadow Ridge Apartments, a planned
mixed-income housing complex located near Meadow Lane and
Silvernail Road, according to a press release from U.S.
the release, Meadow Ridge Apartments will consist of 70 one-,
two-, and three-bedroom rental units for “working class
individuals and families, regardless of age or ability,” with
six of the units specifically set aside for tenants with
physical or mental disabilities. The development is currently
under construction as part of a larger development, Heritage
Court Waukesha, a 36-unit memory care community located near the
intersection of Meadow Lane and Silvernail Road.
is anticipated to be completed throughout the spring and summer
of next year.
which were awarded by the Wisconsin Housing and Economic
Development Authority (WHEDA), offset the cost of the
construction, allowing 61 of the units to be rented at
below-market, affordable rates. Town Bank of Hartland provided
the construction loan.
excited to bring another high quality affordable housing
development to Waukesha County,” said MSP Development’s vice
president Jacob Klein in the release. “This is the most
underserved market in the state and MSP and our partners, Movin’
Out, U.S. Bank and WHEDA, are committed to developing integrated
housing for individuals with disabilities, as well as those of
all income levels now and in the future.
proud to serve Wisconsin’s residents not only by developing
housing, but by creating jobs and providing the highest quality
care for our residents."
nonprofit Movin’ Out’s mission is to create affordable housing
opportunities for households that include a family member with a
permanent disability. This is Movin’ Out’s third joint venture
with MSP Real Estate, according to the release.