Madison, Wis. – September 22, 2008 – A $125,000 predevelopment loan from Forward Community Investments to Crown Court Properties makes way for the first phase in a project that provides better affordable housing for low-and moderate-income families in eastern Wisconsin.
“We’re thrilled to put the first piece into place,” said Salli Martyniak, Forward Community Investments president. “By providing low-interest and hard-to-get loans to nonprofits, we further our own commitment to give families in rural communities an affordable place to call home.”
Forward Community Investments financing covers upfront costs needed for rehabilitation on 100 units of accessible, affordable housing in Manitowoc, Sheboygan and Door Counties.
In Sturgeon Bay, the Bayview Terrace City development preserves over 30 units of elderly housing. Previously nonprofit owned, Crown Court Properties was entrusted with stewardship of the building for the price of $1.00.
It will increase accessibility for elderly residents and construct an on-site community center offering tenants access to amenities such as a fitness center, computer room and beauty salon.
“Just because a person is low-income doesn’t mean they shouldn’t have basic amenities,” said Rabbi Menachem Rapoport, Crown Court Properties vice president. “This loan makes affordable development possible in times when capital is difficult to find.”
Financing also covers costs on Fairview Crossing Apartments in Plymouth and Kiel. Each of these 64 family-based units will be affordable for people at or below 60% of median income in Manitowoc and Sheboygan Counties.
The project reflects the larger commitment of Forward Community Investments to partner with nonprofits across Wisconsin, such as Crown Court Properties, to promote economic development and affordable housing in rural communities.
About Crown Court Properties:
Crown Court Properties is a nonprofit organization that acquires, rehabilitates and maintains affordable housing at risk of elimination from the national affordable housing inventory. It currently is general partner or owner of 386 affordable units in Illinois and Wisconsin.
About Forward Community Investments:
Forward Community Investments expands the financial capacity of Wisconsin nonprofits through low-cost flexible financing and technical assistance.
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