- $12.2 million development will offer 60
new homes with on-site supportive services for military veterans
and working families
- UnitedHealthcare is the largest
investor, providing $6.3 million in equity as part of an initiative
to connect people in need to housing and support services to help
them live healthier lives
Community leaders, local residents and development partners came
together today to celebrate the start of construction for SEVEN04
PLACE, a new 60-unit affordable-housing development in the Walker’s
Point neighborhood of Milwaukee.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20180222006512/en/
Community leaders and development
partners don hard hats and shovels for a groundbreaking ceremony
celebrating the start of construction for SEVEN04 PLACE, a new
60-unit affordable-housing development in the Walker’s Point
neighborhood of Milwaukee. L to R: Maria Prioletta, City of
Milwaukee; Ryan Thacker, Arc Int Architecture; City of Milwaukee
Alderman José G. Pérez (District 12); Brandon Rule, Rule
Enterprises; Wisconsin District 4 U.S. Rep. Gwen Moore; Chris
Laurent, President, Building Blocks-Cinnaire; Kristine Giornalista,
Vice President of Real Estate Development, Impact Seven; Ellen
Sexton, CEO, UnitedHealthcare Community Plan of Wisconsin; Brian
Schimming, Deputy Executive Director, WHEDA; and Dale Darrow, U.S.
Department of Housing and Urban Development (Photo courtesy of
Impact Seven).
Developed by Impact Seven and Rule Enterprises, SEVEN04 PLACE
will feature one-, two- and three-bedroom apartments, including 46
units of affordable housing for individuals and working families.
Fourteen units will be dedicated to permanent supportive housing
for military veterans and other adults who have struggled with
barriers to housing stability.
“Today marks another important step in the revitalization of
Walker’s Point and our community’s efforts to bring quality,
affordable housing for working families and people in need in
Milwaukee,” said Brandon Rule, CEO of Rule Enterprises.
Kristine Giornalista, Impact Seven vice president of real estate
development, said, “SEVEN04 PLACE will be a model community that
will reflect the diverse socioeconomic makeup of the neighborhood
and create a long-term affordable-housing option that includes
support services to help residents succeed.”
During the groundbreaking event, UnitedHealthcare – the largest
investor in the new development – announced it is providing $6.3
million in equity through a Low-Income Housing Tax Credit (LIHTC)
partnership with Cinnaire and Minnesota Equity Fund.
“UnitedHealthcare’s investment in SEVEN04 PLACE is part of a
company initiative to help people live healthier lives by
connecting quality and affordable housing to better health,” said
Ellen Sexton, CEO, UnitedHealthcare Community Plan of Wisconsin.
“We are grateful for the opportunity to work together to help
expand housing opportunities for veterans and working families in
Milwaukee.”
UnitedHealthcare employs 8,900 people in Wisconsin and serves
the health care needs of more than 1.6 million people statewide.
UnitedHealthcare has partnered with Cinnaire and MEF to invest over
$85 million to help build 13 new communities in Wisconsin and the
Great Lakes Region, providing nearly 670 new, affordable homes with
support services for individuals and families. This includes a $5.3
million investment in The Flats at Grandview Commons, currently
under construction in Madison.
The Wisconsin Housing and Economic Development Authority (WHEDA)
allocated tax credits for 49 of the 60 units and is providing $3.2
million in loans and mortgage financing for the entire development.
The City of Milwaukee; the U.S. Department of Housing and Urban
Development; IFF and the Federal Home Loan Bank of Chicago;
Wisconsin Economic Development Corporation (WEDC); and
NeighborWorks contributed $2.2 million in additional funding.
Impact Seven and Rule Enterprises is providing $450,000 in deferred
development fees.
“Thanks to SEVEN04 PLACE, 49 families living in affordable
housing will be able to make independent spending choices,” said
WHEDA executive director Wyman Winston. “These 49 families will
save a total of nearly $300,000 per year. They will no longer have
to make tough decisions about whether they can put food on the
table or shoes on their babies.”
Impact Seven will manage SEVEN04 PLACE, which will feature
on-site amenities such as a multipurpose community lounge, fitness
room, on-site property offices, surface parking, indoor bike and
resident storage, and a washer and dryer in each unit. The new
community will be accessible to public transportation, located
within blocks of multiple Milwaukee County Transit System bus stops
and a 10-minute bike ride to downtown Milwaukee.
“This groundbreaking represents what can happen when our
community comes together,” said Milwaukee District 12 Alderman José
G. Pérez. “We are laying the groundwork for something great here in
Walker’s Point, where individuals and families can live together
and thrive in affordable, quality houses that will benefit our
region for years to come.”
The Milwaukee County Housing Division (MCHD) and Center for
Veterans Issues (CVI) will refer individuals and families in need
of affordable housing, manage on-site support services and help
connect resident veterans to community-based services. This
includes access to existing programs administered through the
agencies and providing case management for health care,
rehabilitation, job training, education and social services.
“This is an important moment for our community. We have worked
together to bring new, quality homes for working families and to
help our veterans who have struggled with homelessness to have the
support and services they need to succeed,” said U.S. Congresswoman
Gwen Moore, who helped lead the groundbreaking ceremony. “With the
support of so many partners, SEVEN04 PLACE will be a model for how
we can support our residents as they build a brighter future for
themselves and their families in Milwaukee.”
Impact Seven is one of the largest nonprofit developers of
affordable housing in Wisconsin, having developed over 2,000 rental
housing units since 1980. Rule Enterprises is led by Brandon
Rule, who grew up in nearby Clarke Square and is a graduate of
the Associates in Commercial Real Estate (ACRE) Program, an
industry-supported initiative that recruits and retains people of
color for careers in commercial real estate. The goal of ACRE is to
expand minority representation in the commercial real estate fields
of development, property management, and construction
management.
“Cinnaire continues to be a steadfast supporter of the ACRE
Program and its role in connecting talented and motivated students
like Brandon with Milwaukee development opportunities,” said Mark
McDaniel, President & CEO of Cinnaire. “Partnerships with
Impact Seven and other developers have been critical to the success
of communities like SEVEN04 PLACE. The ACRE Program is an
industry-supported initiative that recruits and retains people of
color for careers in commercial real estate.”
Arc-Int Architecture is the architect for SEVEN04 PLACE, and the
construction contractor is Catalyst Construction. The development,
expected to open in early 2019, is designed to meet Wisconsin Green
Built Home certification standards, including measures for high
energy efficiency. SEVEN04 PLACE will replace a vacant warehouse
and will be built in a part of Walker’s Point that is one of the
most active development zones in Milwaukee.
Click here to subscribe to Mobile Alerts for UnitedHealth
Group.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180222006512/en/
Impact Seven, Inc.Kristine Giornalista, 608-514-2108orRule
EnterprisesBrandon Rule, 414-810-2139orWHEDAKevin Fischer,
414-227-2295orCinnaireCorinne Hyzny,
302-300-4247orUnitedHealthcareLynne High, 952-979-5861
UnitedHealth (NYSE:UNH)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024
UnitedHealth (NYSE:UNH)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024