Sunnyside Apartments

Summary: Partners for Community Development, Inc., a Wisconsin CHDO, sponsored Sunnyside Apartments, a newly constructed complex of 50 rental townhouses designed for family living. Federal Low Income Housing Tax Credits were part of the complex financing package for this $2.7 million project.

Wisconsin Partnership's role: Development consultant/CHDO TA provider

Staff contact: Michael Heidkamp

Status of work: Completed in 1992

Sunnyside Apartments was the first major development venture of Partners for Community Development, Inc., a CHDO based in Sheboygan, Wis., and serving the Hispanic community in the east-central part of the state. The Sunnyside Apartments consist of 50 townhouses developed with the family rental market in mind.

As development consultant the Wisconsin Partnership assisted in the creation of a public-private partnership to develop and finance the $2.7 million project. Members of the resulting partnership included Partners for Community Development, city officials, utility companies, financial institutions and other businesses.

The Wisconsin Partnership also assembled a complex financial package including Low Income Housing Tax Credits, corporate equity investments, low-interest debt financing from a local bank, state and local government grants, an Affordable Housing Program grant from the Federal Home Loan Bank of Chicago, weatherization grants and foundation contributions.