Boston Capital announced it is investing in the construction of Fox Crossing II, a 32-unit community for families in Burlington, Wis.
The firm is providing nearly $4 million in low-income housing tax credit (LIHTC) equity to help finance the community. Fox Crossing II represents Boston Capital's 10th partnership with Bear Development, based in Kenosha, Wis.
Twenty-nine homes will be available to families earning no more than 60% of the area median income (AMI). Eight of the affordable units will be set aside for residents at 30% of the AMI and will be targeted to veterans and individuals or families who have permanent developmental, physical, sensory, medical, or mental health disabilities. Three units will be available to residents at market rates. Fox Crossing II will collaborate with Racine County Veterans Service Office, as well as other local service providers, for resident referrals and the coordination and provision of social services.
Located 35 miles southwest of Milwaukee, the development will provide 15 one-bedroom and 11 two-bedroom garden-style units as well as six three-bedroom townhouse units. Units will feature dishwashers, washer/dryer hook-ups, walk-in closets, patios/balconies, and central air conditioning. Community amenities will include a 635-square-foot community room with kitchen, fitness center, common laundry facility, on-site management, interior storage units, elevator, secured intercom entry, and video surveillance.
"We are excited to partner with S.R. Mills and Steve Mills in this investment, which will create 32 affordable homes for families with eight homes targeted at veterans and families with disabilities," said Jack Manning, president and CEO of Boston Capital
To date, Boston Capital, a real estate investment and advisory firm, has invested in nearly 5,700 apartments in Wisconsin.