Boston Capital announced it is investing in the construction of two affordable apartment communities for families— Layton Square Apartments in Cudahy, Wis., and Willis Avenue Apartments in Perry, Iowa.
These investments represent the company’s eighth and ninth partnerships with Bear Development, based in Kenosha, Wis.
Both properties will be built with equity from the low-income housing tax credit program. Boston Capital is providing $6.4 million in equity to Layton Square and $4.3 million in equity to Willis Avenue. Homes will be available to families earning no more than 60% of the area median income (AMI).
"We are extremely pleased to partner with S.R. Mills and Steve Mills in these investments which will create 95 affordable homes for families," said Jack Manning, president and CEO of Boston Capital. "Both apartment communities are located in competitive markets and feature strong unit designs and amenity packages, which will attract families in need of quality affordable housing."
Layton Square will feature 21 one-bedroom and 27 two-bedroom garden-style units as well as nine three-bedroom, townhouse-style units in a four-story building. Fourteen 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, or a combination of impairments that make them eligible for long-term care services. Seven units will be available to residents at market rates.
"We are particularly excited to invest in safe, sustainable affordable housing units for veterans and families with disabilities in the Cudahy community," added Manning.
Community amenities will include a 1,500-square-foot community room with kitchen, fitness center, common laundry facility, on-site management, interior storage units, secured intercom entry, and video surveillance. Unit amenities will include washer/dryer hook-ups, walk-in closets, patios/balconies and central air conditioning. The development will also feature 4,130 square feet of commercial space.
Willis Avenue Apartments will feature 17 one-bedroom and 17 two-bedroom garden-style units and four four-bedroom townhouse units in a three-story building. Six units will be available to families with incomes at or below 40% of the AMI and four units will be available to families with incomes at or below 30% of the AMI. Four units will be available to residents at market rates.
Community amenities will include on-site management, a community room, computer center, security locked building, video security system, bike racks, and storage units. Unit amenities will include central air conditioning and washer/dryer appliances.
The construction of the two properties is expected to generate $10.2 million in local salaries and create nearly 110 jobs in the Cudahy and Perry areas. Boston Capital's investment in this development adds 95 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 5,655 affordable apartments in Wisconsin and more than 1,750 affordable apartments in Iowa.
