Local Leaders Take Part in King Drive Commons II
Grand Opening
Milwaukee – (March 19, 2008) –The Wisconsin Housing and Economic Development Authority (WHEDA®), Martin Luther King Economic Development Corporation (MLKEDC) and Enterprise Community Investment, Inc. (Enterprise) celebrated a vibrant addition to Martin Luther King Drive today, with the grand opening of King Commons II.
WHEDA Executive Director Antonio Riley was joined by Mayor Tom Barrett and Ben Johnson from the MLK Economic Development Commission this morning in a celebration of the affordable housing development.
The project consists of 24 units located on 9 scattered sites between 2nd and 4th Street, near King Drive and West Hadley Streets. The sites include duplex units, three family units and single family homes, all with garage parking. Rent ranges from $450 to $650 per unit.
“It’s very rewarding for WHEDA to have played a role in adding another great development to the neighborhood along Martin Luther King Drive,” said Riley. “This project had 37% emerging business participation, exceeding our goal of 25%. This project has served the communities in so many ways.”
“The community response to the King Drive Commons Development has been tremendous,” said Welford Sanders, executive director of MLKEDC. “Within six months of the start of construction in May of last year, King Drive Commons II was completely leased up. Plans are now underway for the third phase of this affordable housing development, which is part of a larger, comprehensive plan to help revitalize one of Milwaukee’s oldest neighborhoods.”
Enterprise made a $5.6 million low-income housing tax credit (LIHTC) equity investment in King Commons II and a $3 million LIHTC investment in King Commons I. WHEDA allocated these tax credits to MLKEDC as well as provided $4.6 million in financing for King Commons II. WHEDA’s total investment in both phases since 2003 has been $13.4 million in tax credits and financing. In addition, The City of Milwaukee also provided funding.
“Our public-private partnership with WHEDA, the city of Milwaukee, the Martin Luther King Economic Development Corporation, and other partners is critical to solving the local need for affordable housing,” said Charles R. Werhane, vice chairman and chief operating officer at Enterprise Community Investment, Inc. “This partnership is an integral part of why Enterprise has invested more than $72 million in low-income housing tax credit equity and permanent lending to help develop or rehabilitate more than 780 units of affordable housing in Milwaukee.”
In Milwaukee under the Doyle Administration, through affordable housing tax credits and direct loans, WHEDA has invested $271 million to help preserve, rehabilitate and create over 4,700 units of affordable housing, many of which are located in Central Milwaukee. WHEDA also provided $2 million in New Markets Tax Credits in 2005 for the neighboring Ponderosa Restaurant on North King Drive.
WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. For more information on WHEDA's housing programs, call 1-800-334-6873 or visit WHEDA’s website www.wheda.com.
Established in 1993, the Martin Luther King Economic Development Corporation (MLKEDC) is an outgrowth of the Neighborhood & Family Initiative (NFI), a comprehensive community initiative sponsored by the Ford Foundation and the Greater Milwaukee Foundation. In collaboration with others, MLKEDC , engages in entrepreneurial initiatives to create wealth and jobs, provides technical assistance to area businesses, develops quality, affordable rental and owner occupied housing, and supports related initiatives that strengthen the Harambee area, a culturally and economically diverse community.
Enterprise Community Investment, Inc. is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. Enterprise has privately raised nearly $9 billion to finance more than 240,000 affordable rental and for-sale homes, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of nearly $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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