Northern Apartments: Rehabilitation
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Amenities
- Historic lobby and common area with kitchen, computer center and gathering space
- New kitchens, baths, flooring, windows and appliances
- Elevator
- Courtyard
- Steps away from downtown services
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CommonBond acquired Northern Apartments in Northern Apartments in 2007. In 2008, we began financing a rehabilitation of the property, which was developed in 1919 as the Hotel Northern, a contributing building in the Bridge Street Historic District in the City of Chippewa Falls. The property, a five-story brick structure, is prominently located in the center of the vital “Main Street” business district in downtown Chippewa Falls. In 1981, the Hotel Northern was renovated and converted into 43 senior rental units with a thirty-year Section 8 project-based HAP Contract for 100% of the units.
Financing Tools
Northern Apartment's rehabilitation 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 and loans.
| Project Funding |
| Sources |
Amount |
| First Mortgage |
$913,524 |
| Limited Parter Equity LIHTC |
$3,316,036 |
| Historic Tax Credit Equity |
$764,687 |
| Loan: CommonBond |
$300,000 |
| Loan: CommonBond |
$35,000 |
| Loan: CommonBond |
$308,938 |
| Total financing |
$5,713,186 | Northern Apartments Building Partners
- US Bank National Association
- PNC Multifamily Capital
- Wisconsin Housing and Economic Development Authority (WHEDA)
- Federal Home Loan Bank of Pittsburgh AHP program
- Wisconsin Department of Commerce RHD program LISC
- Wells Fargo
- The WHEDA Foundation
- The Mac Arthur Foundation
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