Affordable housing project in Appleton could benefit from $1 million in federal funds

APPLETON - City planners have recommended awarding $1 million in federal assistance to Rise Apartments, a prospective affordable housing development on North Oneida Street, to keep the project financially afloat.

Appleton set aside $3 million from the American Rescue Plan Act (ARPA) for affordable housing. If the award is approved by the Common Council, the city would have $2 million remaining.

The city previously signed an amended development agreement with MF Housing Partners that would provide up to $649,000, plus interest, in public assistance for Rise Apartments through Tax Incremental Financing District 11. The ARPA grant would be in additional to that.

The $13.9 million development would be built in the 300 and 400 blocks of North Oneida. It would consist of 48 units, 43 of which would have restricted rents for low-income residents...

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Ken Notes: A great program but remember a rental property does not allow the tenant to build equity for the future. We need to rethink how we provide homes to our retail, service and entry level workers. We need Workforce Housing not affordable housing that provides wealth to the developer not the tenant.