75 Unit Affordable Housing Development
This project will be developed by Rule Enterprises, LLC
Eighteen87 on The RIver is a 77-unit affordable housing development located Downtown in Milwaukee, Wisconsin.
The Development site is approximately 41,000 square feet of land (.95 acres) on N. Water Street between Brady and Humboldt. The Development will encompass approximately 107,000 square feet of residential and commercial space yielding 77 one-, two- and three-bedroom apartments, 4k square feet of retail and one level of underground parking. Seventy-five percent of the units will be affordable: 12 units at or below 30% of the Area Median Income (AMI), 28 units at or below 50% AMI, 13 units at or below 60% AMI, and 19 market rate units.
This $21.2 Million development will be financed with a combination of 9% Low Income Housing Tax Credit equity, Federal Home Loan Bank – Affordable Housing Program (AHP) funds, City of Milwaukee Tax Incremental Financing (TIF), HTF/HOME Funding, WEDC Brownfield Grant. This development will contribute to the revitalization of the Riverwalk and creating quality affordable apartments in downtown Milwaukee which currently has an unmet demand.
Downtown Milwaukee, Wisconsin