CommonBond Communities and NAHT close on $8.2M of Equity for Meadow Village
Columbus, OH. Thursday, October 15, 2020. National Affordable Housing Trust (NAHT) is proud to announce the closing of Meadow Village in Milwaukee, Wisconsin. NAHT closed on Meadow Village in partnership with CommonBond Communities and an investment from UnitedHealth Group.
Meadow Village Apartments is located approximately one mile from downtown Milwaukee, Milwaukee County, Wisconsin in the King Park Neighborhood. It was originally developed in 1977 and renovated in 2002 and has been acquired by CommonBond from an unrelated third party. Meadow Village Apartments consists of 16 residential buildings containing 90 total units with individual exterior entrances which will be substantially rehabilitated. All units are two-story townhome style units (65 three-bedroom units, 23 four-bedroom units and one five-bedroom unit) except for one unit which is a one-bedroom garden style unit. All units will be LIHTC units targeting households with incomes up to 60% of Area Median Household Income (AMHI) with 64 units targeting households with incomes up to 50%. All units will have Section 8 rental subsidy which allows residents to pay income-based rents equal to 30% of their adjusted gross incomes. Meadow Village Apartments has historically experienced 100% occupancy and maintained a waiting list. In preparation for the upcoming rehabilitation occupancy has been allowed to drop to 88.9%, ten vacant units.
All units will have a refrigerator, electric range, washers and dryers, basements, and a patio. Amenities available include on-site management, a playground and surveillance cameras and will include a newly constructed community building. Meadow Village Apartments is near shopping, employment, recreation, entertainment and education. There is also convenient access to major highways and public transportation.
“In May, CommonBond celebrated the acquisition and preservation of these affordable apartment homes. Now, with extensive renovations to the property, our goal is to update and improve these townhomes not only for families who call Meadow Village home today, but also to ensure this property provides high-quality affordable housing options long into the future,” said Cecile Bedor, CommonBond’s executive vice president of real estate.
CommonBond Communities (CommonBond) headquartered in St. Paul, Minnesota, is a not for profit corporation founded in 1971 with a goal of creating affordable housing that provides homes as well as support services for those in need. CommonBond provides homes and services for nearly 12,000 people each year. They develop, own or manage approximately 6,000 affordable rental apartments and townhomes throughout 54 cities in Minnesota, Wisconsin and Iowa.
“National Affordable Housing Trust and our investor, UnitedHealth Group, are proud to partner with CommonBond Communities in Meadow Village, in the preservation of quality affordable housing for families in Milwaukee, WI. We appreciate CommonBond Communities’ integrative approach to housing, including delivery of services to help people with low and moderate incomes achieve their goals for stability, advancement, and independence, and look forward to helping make a difference for 90 families at Meadow Village,” said Paul Cummings, Senior Vice President at the National Affordable Housing Trust.
“We are delighted to join in this partnership to make Meadow Village a reality,” said Andy McMahon, vice president, UnitedHealthcare Community & State, a UnitedHealth Group business. “Housing is healthcare, and investments in projects like this improve community health and wellness.”
CommonBond also provides property management services through CommonBond Housing. CommonBond Housing coordinates and supports each facility to provide supply services including financial accounting, data processing social services, construction and building maintenance among others. CommonBond Housing manages 152 properties, of which 54 properties are managed for third party owners.
National Affordable Housing Trust is a nonprofit low income housing tax credit (LIHTC) syndicator, specialized financial intermediary and advisory firm. NAHT’s mission is to help create and preserve homes for those in need. NAHT is a joint venture of Low Income Investment Fund (LIIF) and Stewards of Affordable Housing for the Future (SAHF).
For media inquiries, contact: Heather Holland, [email protected], 614-917-2864