Wisconsin Rapids officials will consider a proposal Oct. 28 that could bring 42 affordable housing units to a city-owned property on the west side. The Finance Committee meets at 5 p.m. in the Council Chambers at City Hall, 444 W. Grand Ave., followed by a special Common Council meeting at 5:30 p.m. to consider the committee's recommendation.
The agreement would give Oshkosh-based Northpointe Development II Corporation exclusive development rights for six months to a year on an 8.03-acre property at the southwest corner of 25th Avenue and Alton Street, so the company can apply for Wisconsin Housing and Economic Development Authority affordable housing tax credits.
The city has owned the property since 2000. Pending an award of tax credits in spring 2027, the city would sell the property for $1, a low price intended to help the project's eligibility for the credits, according to documents in the agenda packet. Northpointe would have until Nov. 1, 2027, to close on the purchase.
The initial concept calls for 42 units in six buildings: two two-story townhome-style buildings with 12 three-bedroom and two two-bedroom units, and four one-story cottage-style buildings with 16 two-bedroom and 12 one-bedroom units. The plan also includes one garage space and one driveway space per unit, 58 surface parking spaces, a central play area and court, a patio, storage and a trash area.
Affordable in the agreement means affordable to tenants earning at or below 50% to 80% of area median income; Wood County's median was estimated at $68,299. Expected rents range from $857 to $950 for one-bedroom units, $1,024 to $1,100 for two-bedroom units and $1,176 to $1,299 for three-bedroom units. Construction would have to begin within one year of the property transfer or the city could reacquire the property.
