FCI Funds Affordable Housing Development with $4MM NMTC Investment
We are excited to share that for the first time in Forward Community Investments’ (FCI) history we have leveraged New Markets Tax Credits (NMTCs) to provide working capital for the development of affordable housing to our partner Milwaukee Habitat for Humanity.
This investment marks an important strategic expansion for FCI’s NMTC program. While our historical focus for NMTCs has been on financing community facilities, as an organization we recognize the critical need for affordable housing solutions and are committed to finding innovative solutions through partnerships like this one. This project would not have been possible without the advisory services of Hope Community Capital, a close partner of both Milwaukee Habitat for Humanity and FCI.
Thirteen New Single-Family Homes to Support Need For More Accessible Housing in Milwaukee
MKE Habitat is a trusted organization dedicated to building quality, affordable homes for low and very-low-income families and will use the $4MM NMTC investment from FCI to support the construction at least 13 new single-family homes (9 of which are already under way).These new homes will be primarily constructed by volunteer labor with specialized trades support from subcontractors as needed. The dollars provided by the FCI’s NMTC equity coupled with the in-kind labor will allow these homes to remain affordable to households earning between 30-80% area median income.
At a citywide level, these homes are part of a larger strategy developed by the Community Development Alliance (CDA) to support programs and policies that will lead to more accessible housing opportunities. The plan calls for the development of programs and policies that will support housing opportunities for 18,000 Milwaukeeans earning between 30 – 80% AMI and the preservation of 35,000 unites of current owner-occupied homes serving the same income bands over the next decade. This plan has a wide base of support from the City of Milwaukee, local philanthropic partners including the Zilber Foundation, and other partner CDFI including LISC Milwaukee.
Separate from the NMTC dollars, FCI has provided MKE Habitat with financing through our general loan program to fund an extensive headquarters renovation which is currently underway.
We are proud to partner with MKE Habitat and the CDA on this project and are excited to see how this innovative use of NMTCs paves the way for future FCI investments in affordable housing. These critical housing goals are instrumental to building a stronger, more resilient, and more equitable Milwaukee!
Want to learn more?
Explore our website to learn more about our New Markets Tax Credit lending program and our other loan products.
Curious to see if your project could qualify for funding from FCI? Reach out to us!
