January 11, 2011
The state says MSP Real Estate Inc. could use federal affordable housing tax credits it was awarded last year to help finance the construction of 102 condominiums on the City Center site where the company previously had proposed to build apartments for lower-income people.
But if it does use the credits, MSP must set aside a share of the condo units to be leased at below-market rates to people earning no more than 60% of the area’s median income, a spokesman for the Wisconsin Housing and Economic Development Authority said.
If it does use the credits, it would add a low-income housing component to the project, something that some residents vehemently opposed for the City Center area, said Lorna Schaefer, a spokeswoman of Concerned Citizens of New Berlin.
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