Associated Bank closed a $6 million construction loan and $9.6 million in Low-Income Housing Tax Credit equity for the Housing Authority of the City of Milwaukee to renovate Townhomes at Carver, a multifamily affordable housing community in Milwaukee.
The 35-building complex is located one mile northwest of Milwaukee’s central business district and directly west of the Halyard Park neighborhood at 1901 N. 6th St.
The residential community was originally constructed by the housing authority in 2001 and consists of 122 units in 35 two-story buildings. The unit mix includes two-, three-, four- and five-bedroom townhouse-style layouts.
A total of 102 units will be restricted to households earning 30% to 60% of area median income or less with 20 units at market rate. Fifty-one units will benefit from a project-based Section 8 contract.
Proposed improvements include new in-unit flooring; updates of bathroom and kitchen cabinets, countertops and fixtures; replacement of furnaces, air conditioners and hot-water heaters; and window siding and roofing updates.
