Marissa Downs, from Mosaic Property Ventures, presented an affordable housing development concept set for a 12-acre parcel in the Stony Ridge neighborhood of Sister Bay Tuesday night. She needed Plan Commission sign off on a preliminary document to submit a bid for Wisconsin Housing and Economic Development (WHEDA) tax credits. Downs has extensive experience in the affordable housing sector and has worked on numerous multifamily structures across the state. The Stony Ridge development would sit on 4.8 acres and house around 40 units.
Downs said the rents would be income dependent. The property management company must set aside units for families who make below the median household income. Eligible incomes rise as families get bigger. For qualifying tenants, rent equals 30 percent of their gross income.
Downs also discussed the new WHEDA pilot program. She said it was desperately needed in Door County and rural areas, where building costs now outstrip that of similar structures in cities like Milwaukee.
The Plan Commission required Downs to submit additional details for the development once WHEDA renders its decision in the spring. Mosaic Property Ventures would have to include site, landscaping, utilities, lighting, grading, parking, building elevation, and floor plans as part of the package.
