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Rental Housing | Weatherization | New Housing Development | Property Mgmt.
- West CAP's non-profit development organization
- Joint Ventures, Partnerships, and Financing
- Examples of housing development partnerships
The HomeWorks New Housing Development Program provides affordable housing to keep homeownership opportunities in our communities.
We partner with private for-profit businesses and non-profit groups to plan, finance, and build good quality, affordable housing that is energy efficient and responds to local community needs. HomeWorks is also committed to providing long-term housing options that allow residents to build their personal assets through mutual or cooperative ownership.
West CAP’s Non-Profit Housing Development Organization
West CAP is a certified nonprofit Community Housing Development Organization. We utilize a variety of financing and tax credit options to lower project costs and increase affordability. Over the past eight years we have developed, either through acquisition and renovation, or through new construction, over 200 housing units of housing in communities in western Wisconsin and one project in Iowa.
On a typical project, HomeWorks coordinates the land purchase, assembles the development team and partners, arranges financing, serves as the general contractor, and stays with the project as asset and property manager (see the property management section of our website).
On some projects we are able to offer low-income housing tax credits to investment companies. We are also able to assist private developers in obtaining lower-cost financing so that some of the units can be available for rental at below market rates.
HomeWorks provides asset and property management services for all our properties.
Joint Ventures, Partnerships, and Financing Assistance
HomeWorks actively seeks partnerships with a companies and organizations that share our goals. Some examples include:
- The Gandolf Group - 48 apartments for low-income families in River Falls
- MSP Real Estate - senior housing in Chippewa Falls
- The University of Wisconsin and the Wisconsin Indianhead Technical College system - affordable student apartment housing
- A family business in St. Croix Falls that was interested in providing housing for employees in entry level jobs in a community where housing opportunities are very limited.
- Hammond Community Development Corporation, a non-profit community group sponsoring a senior housing project.
Examples of Housing Development Partnership
Below are several detailed
descriptions of some of our work:
Community development, housing for low-income seniors
Hammond Development Corporation, Hammond, Wisconsin
The village of
Hammond, has asked our help in developing housing for low-income seniors
who want to remain in St. Croix County, which is the fastest growing
county in Wisconsin.
We are providing
consulting services and helping them raise funds. This project is local,
grassroots, and designed not only to provide needed housing but also
in a broader sense, to save a small but valuable town that is able to
provide a very high quality of life.
Low income housing tax credits for working families in the City of St.
Croix Falls
At the request of a private commercial developer
in the City of St. Croix Falls, West CAP applied for and has receive
an allocation of the low-incme housing tax credit program. We have also
receive HOME funds from the State of Wisconsin Department of Administration,
and an Affordable Housing Program grant from the Federal Home Loan Bank
of Chicago. The city has almost no housing that is affordable to lower
income working families,
while the
number of
entry
level jobs
is expanding dramatically. We were approached by the developers of
a new Holiday Inn and Embers restaurant, which adjoins a new Market Place
Foods and an expanding Wal-Mart. These businesses are becoming a shopping
magnet for the St. Croix Valley and Polk County. West CAP has a purchase
agreement on a very adequate site that the City has zoned for medium
density housing. The city’s Strategic Smart Growth Plan calls
for affordable housing, but the city does not have the capacity to
actually
develop housing. The community does not have a non-profit development
company, so it is an excellent opportunity for West CAP to provide
a development service.
Low-income student housing adjoining the Wisconsin Indianhead Technical
College (WITC) and University of Wisconsin Barron County (UWBC) campuses.
Rice Lake, WI
For 25 years the two campuses, WITC and UWBC, have expressed interest
in providing housing close to campus in order to increase student enrollment.
The City of Rice Lake has a nearly zero vacancy rate and private developers
have been reluctant to build new apartments for students. For these reasons,
many students find that they cannot attend college because housing at
any price is not available. Some students have been out of high school
for a few years and have children, making financial demands even more
difficult to meet. If they are recent high school graduates, many do
not have high-paying jobs. Without affordable housing, these individuals
cannot go to college to improve their skills.
After meeting with the staff of both educational institutions for many months, the City of Rice Lake recently approved rezoning and a certified survey map for the project. We are currently working on the final version of a development plan with the city. We have purchased one existing building close to the campuses and using some extra land in that purchase in addition to land from the city to create a high-quality development site within reasonable walking distance of the campuses. The city is very supportive of this effort because it will also allow for the development of a technology park and open streets for new commercial development. We are truly engaged in a community planning project, using student housing and the educational institutions as the anchor. To date, the work has been supported by the foundations affiliated with each campus.
