Glenbrook Apartments: Renovation
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Amenities
- 72 two and three-bedroom apartments
- Easy access to bus lines, schools, day care, shopping,
banks and services
- On-site management & Advantage Services with
computer lab, community room
- New appliances (including dishwashers and microwaves)
in all units
- New central air units, furnaces and water heaters
- All new flooring, kitchen and bathroom cabinets,
plumbing
Other Tax Credit Communities
- Shingle Creek Commons
- Bloomington Family Townhomes
- Valley Square Commons
- City Flats Apartments
- East Shore Place
- Granada Lakes Townhomes
- Des Moines Street Village
- Cathedral Hill Homes
- Trail's Edge Townhomes
- The Commerce Building
This property also accepts Section 8 vouchers. Visit this property's web page to learn more about it and apply for housing. |
CommonBond Communities and Bishop’s Creek CDC together preserved Glenbrook Apartments, located in a high-priority revitalization area near the former Northridge Mall in Milwaukee, WI. The effort revitalized 72 large apartment homes for families. On average, more than $45,000 per home was reinvested back into this important housing resource. The property is now more sustainable due to new energy efficient windows, appliances, and other improvements. As part of the renovation, a new Advantage Center building was added to provide programs and services that support resident success.
Financing Tools
Glenbrook's renovation was financed through a number of sources, including Housing Tax Credits (HTC): The IRS gives investors a dollar-for-dollar reduction in their tax liability in exchange for the capital they provide for the construction, acquisition, and/or rehabilitation of low to moderate-income rental housing. The amount of tax credit they receive is directly based on the number of qualified low-income units that meet federal rent and income targeting requirements.tax credits, federal stimulus funds, grants, and loans.
Project Financing
WHEDA First Mortgage
TCAP funds as part of the federal stimulus
Enterprise Community Tax Credit Equity
LISC Milwaukee
Great Lakes Capital
MacArthur Foundation
TOTAL SOURCES $8,000,000
Project Partners
Bishop’s Creek CDC
Cermak Rhoades Architects
City of Milwaukee
Frerichs Construction
The Boys and Girls Club
YMCA
Milwaukee Public Library
Development Corporation
Greater Milwaukee Foundation
Helen Bader Faundation
Jane Bradley Pettit Foundation
M&I Community Development Corporation
Northwestern Mutual Foundation
Roundy’s Foundation
U.S. Bancorp Foundation
Wells Fargo
WestBend Community Foundation | 