Mercy Housing Lakefront Inc. is seeking tax credits to revive
its plans for Greenwich Park Apartments on Milwaukee’s east
In 2011, the Milwaukee Common
Council approved zoning for a 54-unit, five-story building. At
that time, Chicago-based Mercy was unable to obtain federal
affordable housing tax credits to help finance the development.
The credits require developers to
lease apartments at below-market rents to people earning no more
than 60 percent of the area media income.
Mercy is re-seeking the tax
credits, and the Wisconsin Housing and Economic Development
Authority plans to award credits for one project this fall and
several next spring.
Greenwich Park would be within a
few blocks of Columbia St. Mary’s.
A new ordinance, which has yet to
be reviewed by the Common Council’s Zoning Neighborhoods and
Development Committee, would make changes to the site plans,
building elevations, unit count and parking space count.
proposal, Greenwich Park would be developed in two phases.