Federal Home Loan Bank of Chicago announced on November 30, 2018 that it has awarded more than $28.3 million through its Affordable Housing Program to help finance 47 affordable housing projects located primarily in Illinois and Wisconsin.
Development partners Cardinal Capital Management and Journey House were awarded $600,000 of AHP subsidy (to be provided by Associated Bank, National Association) to help finance the development of Clarke Square Apartments.
The new construction project will feature two, three-story buildings on Milwaukee’s south side, across from Clark Square Park. The development will provide an affordable housing option to the community with 10 of its 40 units set aside for youth who have turned 18 and aged out of the foster care system.
The project will have a mix of 21 one-bedroom units, 13 two-bedroom units and six three-bedroom units. In addition, there will be surface and underground parking.
The project has also received financing from WHEDA’s Low-Income Housing Tax Credit program and City of Milwaukee HOME Funds. Construction will commence in Spring 2019.