Mercy seeking tax credits for east side apartment

Special to The Freeman

Sept. 27, 2013

MILWAUKEE – Mercy Housing Lakefront Inc. is seeking tax credits to revive its plans for Greenwich Park Apartments on Milwaukee’s east side.

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.

Under the proposal, Greenwich Park would be developed in two phases.