BOSTON, MA - Boston Capital is investing in the construction of Highland Commons, a 50-unit multifamily affordable housing development for residents in West Allis, WI. Highland Commons will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are Cardinal Capital Management, Inc., based in Madison, WI, and the Milwaukee Center for Independence (MCFI). To date, Boston Capital has invested in more than 1,550 units of affordable housing in Wisconsin.
"Boston Capital is pleased to partner with Cardinal Capital Management and introduce into the West Allis market a superior housing option in terms of unit design and amenities offered," said Jeff Goldstein, Chief Operating Officer and Director of Real Estate at Boston Capital. "Highland Commons will meet the needs of individuals recovering from mental illness, enhancing the quality of their lives and supporting their personal independence."
Highland Commons will feature 50 one-bedroom units located in one, three-story elevatored building. Development amenities will include a computer/business center, a community center with kitchen and common area space for residents' use, central laundry rooms, a beauty salon/barber shop and an exercise room. Units will be available to individuals and families with incomes at 60 percent or less of the Area Median Income (AMI).
Individuals will be referred to the apartment community through the SAIL (Service Access to Independent Living) program at Milwaukee County or through an individual's Medicaid HMO. TLS Behavioral Health, an affiliate of MCFI, will offer comprehensive supportive services to residents who request them.
"We applaud Cardinal Capital Management and MCFI's efforts to build supportive multifamily housing communities for families and we are proud to partner with them in this investment," added Goldstein.
About Boston Capital
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing, energy, film and economic development and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,450 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 159,000 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.
About Cardinal Capital Management, Inc.
Cardinal Capital Management, develops, protects and preserves affordable housing for low- and moderate-income households. We achieve our vision by providing asset management services and forming partnerships with other organizations to develop affordable housing. Cardinal has opened supportive housing with features or supportive services of interest to Veterans, deaf persons and persons recovering from mental illness.
About Milwaukee Center for Independence
The Milwaukee Center for Independence (MCFI) has been a leading and highly respected provider of life-changing programs and services for children and adults with disabilities, special needs and barriers to success since 1938. MCFI offers a comprehensive array of services focused on assisting individuals and families with special needs to live in the community with dignity and at their highest levels of independence.