WHEDA Announces Additional $2.8 Million in Lending to Superior Tax Credit Development

WHEDA® Announces Additional $2.8 Million in Lending to Superior Tax Credit Development

Washington Building Apartments to receive WHEDA Construction Plus loan to finance redevelopment project

Superior – The Wisconsin Housing and Economic Development Authority (WHEDA®) announced today that it will be allocating an additional $2.8 million in financing for the Washington Building Apartments in Superior.

The redevelopment project, which received low-income housing tax credits from WHEDA earlier this year, will convert a turn-of–the-century building into 23 residential units for low- to -moderate income elderly persons.

“WHEDA knows the importance of investing in affordable housing options that benefit area seniors,” said WHEDA Executive Director Antonio Riley. “This redevelopment project will offer exactly that to the seniors of Superior, and we are excited to have played a role in that effort.”

The recent construction loan announcement brings WHEDA’s total investment to $5.8 million in low-income tax credits and financing for the project.

The apartments will consist of one and two-bedroom units. Renovation efforts will require maintaining historically significant features of the existing building. Such efforts will involve restoration of the building’s exterior and original staircases.

Other renovations to the building, which is located at 1517 – 1523 Tower Avenue, include common area spaces within the building, and green space behind the building and on the rooftop for resident use.

MetroPlains Partners, LLC, located out of St. Paul, MN, will be the developer for the project. This will be MetroPlains’ eighth tax credit development in Wisconsin.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. Under the Doyle Administration in the city of Superior, WHEDA has provided over $10 million in tax credits to four projects, totaling 240 units. For more information on WHEDA's housing programs, call 1-800-334-6873 or browse this web site.