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Affordable & Senior Housing 
League of Wisconsin Municipalities 
2014 Annual Conference 
October 16, 2014 
Presented By: 
Kurt Muchow, Community Development Consultant 
v i s i o n t o r e a l i t y
Presentation Outline 
• What is Affordable 
Housing? 
• Why is it important? 
• Define the Problem 
• Barriers to Affordable 
Housing 
• Community Best 
Practices 
• Example Projects
What is Affordable Housing? 
• Housing Costs (including mortgage or rent payments & utilities) 
should not exceed 30% of the total household income. 
• For example: 
- 2012 Wisconsin Median Household Income = $ 52,627 
- Allowable Housing Cost ($52,627 x 30%) = $ 1,315 / month 
- 80% of Median Income (Moderate Income) = $ 42,100 
- Allowable Housing Cost ($42,100 x 30%) = $ 1,052 / month 
- 50% of Median Income (Low Income) = $ 26,313 
- Allowable Housing Cost ($26,313 x 30%) = $ 658 / month 
- 30% of Median Income (Very Low Income) = $ 15,788 
- Allowable Housing Cost ($15,788 x 30%) = $ 395 / month 
Source: U.S. Census Bureau, American Fact Finder, 2012 American Survey
Why Is It Important? 
Community Development Program 
Housing 
Economic 
Development 
Public 
Facilities
Why Is It Important? 
Lack of affordable housing impacts both 
communities & individual households! 
• For Communities: attracting & retaining 
employment opportunities, providing an 
adequate quality of life for residents & 
maintaining quality neighborhoods. 
• For Households: self sufficiency, stability & 
decent safe and sanitary housing.
Define the Problem 
•Wisconsin Population vs. Income 
Income Level No. of Households % of all Households 
Moderate Income (50% to 80% of median) 427,958 households 19.23% 
Low Income (30% to 50% of median) 302,552 households 13.59% 
Very Low Income (0% to 30% of median) 347,130 households 15.60% 
Total Very Low to Moderate Income 1,077,640 households 48.42% 
Source: U.S. Census Bureau, American Fact Finder, 2012 American Survey
Define the Problem 
•Wisconsin Median Household Income vs. 
Housing Occupancy vs. Allowable 
Housing Cost 
Owner-occupied Renter-occupied 
Description All Households Households Households 
Median Household Income $52,627 $66,241 $29,425 
30% of Household Income $1,315 / month $1,656 / month $735 / month 
*Source: U.S. Census Bureau, American Fact Finder, 2012 American Survey
Define the Problem 
• Wisconsin Household Income vs. 
Housing Cost Greater Than 30% 
% of Owner-Occupied Units % of Renter-Occupied Units 
Household Income Paying More Than 30% Paying More than 30% 
Less than $20,000 6.7% 27.1% 
$20,000 to $34,999 6.6% 14.3% 
$35,000 to $49,999 5.5% 3.1% 
$50,000 to $74,999 5.6% 0.7% 
$75,000 or more 3.2% 0.1% 
Total 27.6% 45.3% 
Source: U.S. Census Bureau, American Fact Finder, 2012 American Survey
Define the Problem 
• Single Family Home Affordability 
Median Single Family Home Sale Prices (Wis. Realtors Association) 
• 2007 = $ 162,900 
• 2011 = $ 132,000 
• 2014 (thru August) = $ 148,450 
Cost for Median Single Family Home vs. Required Income 2007 2014 
• Mortgage Payment (80% loan to value, 20 year term) $ 890 / mo $ 810 / mo 
• Real estate Taxes $ 270 / mo $ 270 / mo 
• Utilities (electric, sewer, water, heat) $ 230 / mo $ 230 / mo 
• Total $1,390 / mo $1,310 / mo 
• Min. household income to afford Median Priced Home $55,600 $ 52,400
Define the Problem 
• Multi- Family Affordability (Market Rate) 
Typical Development Cost for new Multi-Family = $ 100,000 / unit 
Housing Cost for Multi-Family vs. Required Income 
• Mortgage Payment (80% loan to value, 20 year term) = $ 660 / month 
• Real estate Taxes = $ 170 / month 
• Utilities (electric, sewer, water, heat) = $ 190 / month 
• Total = $ 1,020 / month 
• Min. household income to afford Market Rate Apartment = $ 40,800 
• Median Household Income for Renters in Wisconsin = $ 29,425
Define the Problem 
• Senior Housing 
Aging Baby Boomers are Fueling Growth in the 65 and Older Population 
• Population of Age 65 and Older Will Surge by 65% by 2030 
• Increase in Life Expectancy is Greatly Expanding Population Over 75 
• Creates a Significant Demand for Senior Housing 
• Baby Boomers Hold More Than 70% of U.S. Financial Assets & Over 
50% of Discretionary Spending 
Types of Senior Housing 
• Independent Living: (Lowest Cost)- Growth+ 
• Assisted Living: (Avg. Cost $4,180 / Month) – Growth ? 
• Skilled Nursing: (Avg. Cost $275 / Day) – Declining 
• Continuing Care Communities: – Growth 
• Special Needs: Dementia
Barriers to Affordable Housing 
• Private Sector Impediments 
• Household Income: 
- 48.42% of Wisconsin Households are Very Low Income to Moderate Income 
- Median Household Income for Renters in Wisconsin = $29,425 
• Lack of Equity for Down Payment & Financing Costs: Estimated 45% of Renters 
Lack Required Equity to Purchase Home. 
• Tougher Lending Criteria: Credit Scores, Employment History, Equity, etc. 
• Rising Cost of Housing 
• Lack of Affordable Housing that is Decent Safe & Sanitary 
• Public Sector Impediments 
• Attitudes of the General Public – NIMBY 
• Development Regulations – Zoning, Density, Infrastructure, Design Guidelines 
• Development Costs – Infrastructure 
• Local Fees -Taxes, Permit Fees, Impact Fees 
• Lack of Public Funding
Barriers to Affordable Housing 
• Who Is Impacted the Most? 
• Low Income 
• Single Women With Children 
• Minorities 
• Elderly 
• But, Who Else is Impacted? 
• Teachers 
• Police Officers 
• Restaurant Staff 
• Retail Employees 
• Service Workers 
• Factory Workers
Community Best Practices 
• Ways to Encourage Affordable Housing 
• Create Awareness – Make it a High Priority 
• Update Local Development Regulations 
• Utilize Good Land Use Practices 
• Proactive Use of Public Funding 
• Develop Public/Private Partnerships
Community Best Practices 
• Create Awareness – Make it a High Priority 
• Get the Facts and Educate the Public 
• Involve Key Stakeholders 
• Create & Adopt a Plan to Create Affordable Housing for 
all Residents 
• Encourage Fair Housing Opportunities 
• Take a Leadership Role in Implementation
Community Best Practices 
• Update Local Development Regulations 
• Update Zoning Ordinance – Density, Mixed-Use, 
PUDs or Special Zoning Districts, etc. 
• Update Development Regulations – 
Infrastructure, Permit & Impact Fees, Parking, etc.
Community Best Practices 
• Alternate Infrastructure Design Standards 
Standard Reduced Width
Community Best Practices 
• Utilize Good Land Use Practices 
• Smart Growth & New Urbanism – 
Development of Mixed-Use, Dense Town 
Centers 
• Infill Development – Restoration of Existing 
Structures & Use of Vacant Land Within 
Urbanized Areas 
• Urban Redevelopment – 
Acquisition/Demolition of Blighted Structures 
& Develop New Residential
Community Best Practices 
• Proactive Use of Public Funding Programs 
• Local Funded Programs – TIF, RLFs, Trust 
Funds, etc. 
• Intergovernmental Programs – Grants, Tax 
Credits, Low Interest Loans, Subsidies, etc. 
• Funding Agencies 
- Wis. Dept. Of Admin. – Division of Housing 
- WHEDA 
- USDA Rural Development 
- Wis. Dept. Of Health Services
Community Best Practices 
• Develop Public/Private Partnerships 
• Local Development Corporations & Housing 
Authorities – Collaborative Effort 
• Regional Development Corporations & 
Housing Authorities – Utilize Outside 
Resources 
• Partner With Developers & Landlords – 
Facilitate and Incentivize
Community Best Practices 
• Benefits From Best Practices 
• Reduces Land & Infrastructure Costs 
• Eliminates Blight & Revitalizes Distressed 
Neighborhoods 
• Reduces Sprawl & Preserves Land 
• Increases Tax Base 
• Provides Affordable Decent, Safe & Sanitary 
Housing
Example Project #1 - Community-Wide Strategy 
• Strategic Housing Program to Meet Community Needs & Goals 
• Economic Development Plan Identified Needs 
• High Percent of Elderly Over 65 Living in Their Own Home 
• High Percentage of Workers are Age 55 or Older 
• Local Employment is Projected to Increase 8% by 2020 
• Business Survey - Lack of Workforce and Available Housing are Top Issues 
• #1 Community Priority - Revitalize Central Business District 
• Strategic Opportunities 
• Create New Senior Apartments & Assisted Living Units 
• Transition Single Family Owner Occupied Units from Senior to Families 
• Creates Affordable Housing for Workforce to Fill Employment Opportunities 
(Average Sale Price for existing Homes = $120,000) 
• Increases Population in Existing Housing Stock 
(Change 50 Units from 1.35 to 3.0 Persons per Household = 82 More Persons 
• Helps to Address Business Workforce & Housing Issues 
• Helps to Revitalize Central Business District 
(Construct Senior Housing Facilities Adjacent to Downtown)
Example Project #2 - WHEDA Section 42 
Multi-Family & Urban Redevelopment 
• Central Business District Redevelopment Project 
• Adjacent to Historic Downtown 
• Blighted Properties 
• Redevelopment District & Tax Increment District (TIF) 
• Construction of New 48 Unit Senior Apartments 
• Total Project Cost = $6 million, or $125,000 per Unit 
• Financing: WHEDA Section 42 Tax Credits, 
$940,000 CDBG & TIF Grants, and Private Financing 
• Apartment Composition: 
8 Units - Market Rate 
8 Units – 30% - 40% of County Median Income 
32 Units – 60% of County Median Income 
• Lease Rate, Including utilities are Based on Household Size, Income and 
Number of Bedrooms 
1 Person @ 30% of CMI in One Bedroom Unit = $379 / Month 
1 Person @ 60% of CMI in Two Bedroom Unit = $759 / Month 
2 Persons @ 60% of CMI in Two Bedroom Unit = $910 / Month
Example Project #3 - Urban Redevelopment 
- Community Development Authority 
• Urban Redevelopment in Residential 
Neighborhood 
• Project Designed to Eliminate Blight, Enhance 
Neighborhood & Provide Needed Affordable 
Housing. 
• Community Lead Project – Owned & Developed 
by CDA With TIF Assistance From City 
• Mixed-Use: 7 Single Family, Two 4 – Unit 
Apartments, Daycare Facility & Neighborhood 
Park 
• 100% of Acquisition, Demolition, Infrastructure & 
Platting Costs Funded With TIF 
• CDA Serving as Developer 
• Revenue from Land Sales will Fund CDA Revolving Loan Fund
Example Project #4 - High Density 
Residential Development 
• New Development For Affordable 
Workforce Housing 
• New Housing for the Workforce 
• Public/Private Partnership 
(City & Private Developer) 
• City Created Special Zoning District 
(Smaller Lots & Lower Cost Houses) 
• Special Covenants to Address Quality 
of Life Within Higher Density Subd. 
• Private Developer Funded 
• Reduced Housing Cost by 25%
Example Project #5 - Senior Apartment 
Building - Local Housing Authority 
• New Senior Apartment Complex 
• Small Rural Community – Small Market 
• Private Developers Not Interested 
• Village Created Housing Authority 
• Obtained Financing from Rural Development 
• Constructed New 8 Unit Elderly Apartment Building 
• Contracted With the County Housing Authority to Manage Facility
Example Project #6 - Market Rate 
Multi-Family With TIF Assistance 
• Greenfield Development In Tax 
Increment District 
• Project Designed to Address Severe Housing Shortage 
• Greenfield Site & Tax Increment District 
• Total Project Cost = $6.3 million 
• Financing: Private Financing & TIF To Bridge Financing Gap 
• Apartment Composition: 
40 Studio Apartments 
40 One Bedroom Apartments 
40 Two Bedroom Apartments 
• Lease Rate, Including utilities 
Studio Apartment = $ 495 / Month 
One Bedroom Apartment = $ 725 / Month 
Two bedroom Apartment = $825 / Month
Example Project #7 – Assisted Living 
• New Assisted Living Facility in Tax 
Increment District 
• Redevelopment Project 
• 40 Unit Assisted Living 
• Located in Tax Increment District 
• Financing: Private Financing & TIF to Bridge 
Financing Gap.
Example Project #8 – Urban 
Redevelopment Idle Industrial Site 
• Mix Use Redevelopment 
• 20 Acres Site 
• Adjacent to Downtown & River 
• Proposed Uses 
• 27 Bed Assisted Living (Incl. Memory Care) 
• 24 Unit Affordable Housing (30%, 50%, & 60% of CMI) 
• 64 Unit Market Rate Apartments 
• Office Renovation – Office Space 
• $19.9 Million Project Cost 
• Funding: WEDC Idle Ind. Grant, TIF, Home 
: Private Investment
Questions & Answers 
Kurt R. Muchow 
Vierbicher Associates, Inc. 
400 Viking Drive 
Reedsburg, WI 
(608) 768-4817 
Email: kmuc@vierbicher.com

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Affordable and Senior Housing

  • 1. Affordable & Senior Housing League of Wisconsin Municipalities 2014 Annual Conference October 16, 2014 Presented By: Kurt Muchow, Community Development Consultant v i s i o n t o r e a l i t y
  • 2. Presentation Outline • What is Affordable Housing? • Why is it important? • Define the Problem • Barriers to Affordable Housing • Community Best Practices • Example Projects
  • 3. What is Affordable Housing? • Housing Costs (including mortgage or rent payments & utilities) should not exceed 30% of the total household income. • For example: - 2012 Wisconsin Median Household Income = $ 52,627 - Allowable Housing Cost ($52,627 x 30%) = $ 1,315 / month - 80% of Median Income (Moderate Income) = $ 42,100 - Allowable Housing Cost ($42,100 x 30%) = $ 1,052 / month - 50% of Median Income (Low Income) = $ 26,313 - Allowable Housing Cost ($26,313 x 30%) = $ 658 / month - 30% of Median Income (Very Low Income) = $ 15,788 - Allowable Housing Cost ($15,788 x 30%) = $ 395 / month Source: U.S. Census Bureau, American Fact Finder, 2012 American Survey
  • 4. Why Is It Important? Community Development Program Housing Economic Development Public Facilities
  • 5. Why Is It Important? Lack of affordable housing impacts both communities & individual households! • For Communities: attracting & retaining employment opportunities, providing an adequate quality of life for residents & maintaining quality neighborhoods. • For Households: self sufficiency, stability & decent safe and sanitary housing.
  • 6. Define the Problem •Wisconsin Population vs. Income Income Level No. of Households % of all Households Moderate Income (50% to 80% of median) 427,958 households 19.23% Low Income (30% to 50% of median) 302,552 households 13.59% Very Low Income (0% to 30% of median) 347,130 households 15.60% Total Very Low to Moderate Income 1,077,640 households 48.42% Source: U.S. Census Bureau, American Fact Finder, 2012 American Survey
  • 7. Define the Problem •Wisconsin Median Household Income vs. Housing Occupancy vs. Allowable Housing Cost Owner-occupied Renter-occupied Description All Households Households Households Median Household Income $52,627 $66,241 $29,425 30% of Household Income $1,315 / month $1,656 / month $735 / month *Source: U.S. Census Bureau, American Fact Finder, 2012 American Survey
  • 8. Define the Problem • Wisconsin Household Income vs. Housing Cost Greater Than 30% % of Owner-Occupied Units % of Renter-Occupied Units Household Income Paying More Than 30% Paying More than 30% Less than $20,000 6.7% 27.1% $20,000 to $34,999 6.6% 14.3% $35,000 to $49,999 5.5% 3.1% $50,000 to $74,999 5.6% 0.7% $75,000 or more 3.2% 0.1% Total 27.6% 45.3% Source: U.S. Census Bureau, American Fact Finder, 2012 American Survey
  • 9. Define the Problem • Single Family Home Affordability Median Single Family Home Sale Prices (Wis. Realtors Association) • 2007 = $ 162,900 • 2011 = $ 132,000 • 2014 (thru August) = $ 148,450 Cost for Median Single Family Home vs. Required Income 2007 2014 • Mortgage Payment (80% loan to value, 20 year term) $ 890 / mo $ 810 / mo • Real estate Taxes $ 270 / mo $ 270 / mo • Utilities (electric, sewer, water, heat) $ 230 / mo $ 230 / mo • Total $1,390 / mo $1,310 / mo • Min. household income to afford Median Priced Home $55,600 $ 52,400
  • 10. Define the Problem • Multi- Family Affordability (Market Rate) Typical Development Cost for new Multi-Family = $ 100,000 / unit Housing Cost for Multi-Family vs. Required Income • Mortgage Payment (80% loan to value, 20 year term) = $ 660 / month • Real estate Taxes = $ 170 / month • Utilities (electric, sewer, water, heat) = $ 190 / month • Total = $ 1,020 / month • Min. household income to afford Market Rate Apartment = $ 40,800 • Median Household Income for Renters in Wisconsin = $ 29,425
  • 11. Define the Problem • Senior Housing Aging Baby Boomers are Fueling Growth in the 65 and Older Population • Population of Age 65 and Older Will Surge by 65% by 2030 • Increase in Life Expectancy is Greatly Expanding Population Over 75 • Creates a Significant Demand for Senior Housing • Baby Boomers Hold More Than 70% of U.S. Financial Assets & Over 50% of Discretionary Spending Types of Senior Housing • Independent Living: (Lowest Cost)- Growth+ • Assisted Living: (Avg. Cost $4,180 / Month) – Growth ? • Skilled Nursing: (Avg. Cost $275 / Day) – Declining • Continuing Care Communities: – Growth • Special Needs: Dementia
  • 12. Barriers to Affordable Housing • Private Sector Impediments • Household Income: - 48.42% of Wisconsin Households are Very Low Income to Moderate Income - Median Household Income for Renters in Wisconsin = $29,425 • Lack of Equity for Down Payment & Financing Costs: Estimated 45% of Renters Lack Required Equity to Purchase Home. • Tougher Lending Criteria: Credit Scores, Employment History, Equity, etc. • Rising Cost of Housing • Lack of Affordable Housing that is Decent Safe & Sanitary • Public Sector Impediments • Attitudes of the General Public – NIMBY • Development Regulations – Zoning, Density, Infrastructure, Design Guidelines • Development Costs – Infrastructure • Local Fees -Taxes, Permit Fees, Impact Fees • Lack of Public Funding
  • 13. Barriers to Affordable Housing • Who Is Impacted the Most? • Low Income • Single Women With Children • Minorities • Elderly • But, Who Else is Impacted? • Teachers • Police Officers • Restaurant Staff • Retail Employees • Service Workers • Factory Workers
  • 14. Community Best Practices • Ways to Encourage Affordable Housing • Create Awareness – Make it a High Priority • Update Local Development Regulations • Utilize Good Land Use Practices • Proactive Use of Public Funding • Develop Public/Private Partnerships
  • 15. Community Best Practices • Create Awareness – Make it a High Priority • Get the Facts and Educate the Public • Involve Key Stakeholders • Create & Adopt a Plan to Create Affordable Housing for all Residents • Encourage Fair Housing Opportunities • Take a Leadership Role in Implementation
  • 16. Community Best Practices • Update Local Development Regulations • Update Zoning Ordinance – Density, Mixed-Use, PUDs or Special Zoning Districts, etc. • Update Development Regulations – Infrastructure, Permit & Impact Fees, Parking, etc.
  • 17. Community Best Practices • Alternate Infrastructure Design Standards Standard Reduced Width
  • 18. Community Best Practices • Utilize Good Land Use Practices • Smart Growth & New Urbanism – Development of Mixed-Use, Dense Town Centers • Infill Development – Restoration of Existing Structures & Use of Vacant Land Within Urbanized Areas • Urban Redevelopment – Acquisition/Demolition of Blighted Structures & Develop New Residential
  • 19. Community Best Practices • Proactive Use of Public Funding Programs • Local Funded Programs – TIF, RLFs, Trust Funds, etc. • Intergovernmental Programs – Grants, Tax Credits, Low Interest Loans, Subsidies, etc. • Funding Agencies - Wis. Dept. Of Admin. – Division of Housing - WHEDA - USDA Rural Development - Wis. Dept. Of Health Services
  • 20. Community Best Practices • Develop Public/Private Partnerships • Local Development Corporations & Housing Authorities – Collaborative Effort • Regional Development Corporations & Housing Authorities – Utilize Outside Resources • Partner With Developers & Landlords – Facilitate and Incentivize
  • 21. Community Best Practices • Benefits From Best Practices • Reduces Land & Infrastructure Costs • Eliminates Blight & Revitalizes Distressed Neighborhoods • Reduces Sprawl & Preserves Land • Increases Tax Base • Provides Affordable Decent, Safe & Sanitary Housing
  • 22. Example Project #1 - Community-Wide Strategy • Strategic Housing Program to Meet Community Needs & Goals • Economic Development Plan Identified Needs • High Percent of Elderly Over 65 Living in Their Own Home • High Percentage of Workers are Age 55 or Older • Local Employment is Projected to Increase 8% by 2020 • Business Survey - Lack of Workforce and Available Housing are Top Issues • #1 Community Priority - Revitalize Central Business District • Strategic Opportunities • Create New Senior Apartments & Assisted Living Units • Transition Single Family Owner Occupied Units from Senior to Families • Creates Affordable Housing for Workforce to Fill Employment Opportunities (Average Sale Price for existing Homes = $120,000) • Increases Population in Existing Housing Stock (Change 50 Units from 1.35 to 3.0 Persons per Household = 82 More Persons • Helps to Address Business Workforce & Housing Issues • Helps to Revitalize Central Business District (Construct Senior Housing Facilities Adjacent to Downtown)
  • 23. Example Project #2 - WHEDA Section 42 Multi-Family & Urban Redevelopment • Central Business District Redevelopment Project • Adjacent to Historic Downtown • Blighted Properties • Redevelopment District & Tax Increment District (TIF) • Construction of New 48 Unit Senior Apartments • Total Project Cost = $6 million, or $125,000 per Unit • Financing: WHEDA Section 42 Tax Credits, $940,000 CDBG & TIF Grants, and Private Financing • Apartment Composition: 8 Units - Market Rate 8 Units – 30% - 40% of County Median Income 32 Units – 60% of County Median Income • Lease Rate, Including utilities are Based on Household Size, Income and Number of Bedrooms 1 Person @ 30% of CMI in One Bedroom Unit = $379 / Month 1 Person @ 60% of CMI in Two Bedroom Unit = $759 / Month 2 Persons @ 60% of CMI in Two Bedroom Unit = $910 / Month
  • 24. Example Project #3 - Urban Redevelopment - Community Development Authority • Urban Redevelopment in Residential Neighborhood • Project Designed to Eliminate Blight, Enhance Neighborhood & Provide Needed Affordable Housing. • Community Lead Project – Owned & Developed by CDA With TIF Assistance From City • Mixed-Use: 7 Single Family, Two 4 – Unit Apartments, Daycare Facility & Neighborhood Park • 100% of Acquisition, Demolition, Infrastructure & Platting Costs Funded With TIF • CDA Serving as Developer • Revenue from Land Sales will Fund CDA Revolving Loan Fund
  • 25. Example Project #4 - High Density Residential Development • New Development For Affordable Workforce Housing • New Housing for the Workforce • Public/Private Partnership (City & Private Developer) • City Created Special Zoning District (Smaller Lots & Lower Cost Houses) • Special Covenants to Address Quality of Life Within Higher Density Subd. • Private Developer Funded • Reduced Housing Cost by 25%
  • 26. Example Project #5 - Senior Apartment Building - Local Housing Authority • New Senior Apartment Complex • Small Rural Community – Small Market • Private Developers Not Interested • Village Created Housing Authority • Obtained Financing from Rural Development • Constructed New 8 Unit Elderly Apartment Building • Contracted With the County Housing Authority to Manage Facility
  • 27. Example Project #6 - Market Rate Multi-Family With TIF Assistance • Greenfield Development In Tax Increment District • Project Designed to Address Severe Housing Shortage • Greenfield Site & Tax Increment District • Total Project Cost = $6.3 million • Financing: Private Financing & TIF To Bridge Financing Gap • Apartment Composition: 40 Studio Apartments 40 One Bedroom Apartments 40 Two Bedroom Apartments • Lease Rate, Including utilities Studio Apartment = $ 495 / Month One Bedroom Apartment = $ 725 / Month Two bedroom Apartment = $825 / Month
  • 28. Example Project #7 – Assisted Living • New Assisted Living Facility in Tax Increment District • Redevelopment Project • 40 Unit Assisted Living • Located in Tax Increment District • Financing: Private Financing & TIF to Bridge Financing Gap.
  • 29. Example Project #8 – Urban Redevelopment Idle Industrial Site • Mix Use Redevelopment • 20 Acres Site • Adjacent to Downtown & River • Proposed Uses • 27 Bed Assisted Living (Incl. Memory Care) • 24 Unit Affordable Housing (30%, 50%, & 60% of CMI) • 64 Unit Market Rate Apartments • Office Renovation – Office Space • $19.9 Million Project Cost • Funding: WEDC Idle Ind. Grant, TIF, Home : Private Investment
  • 30. Questions & Answers Kurt R. Muchow Vierbicher Associates, Inc. 400 Viking Drive Reedsburg, WI (608) 768-4817 Email: kmuc@vierbicher.com