Village Square Apartments

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Village Square Apartments is a proposed 4% Low Income Housing Tax Credit (LIHTC) project for families earning less than 80% of the area median income. It will offer 27 one-bedroom units, 13 two-bedroom units, and 10 three-bedroom units. Each unit will be part of a three-story, low-rise, elevator-serviced residential building.

Village Square Apartments

This is Huntington Community Impact Capital’s (CIC) first direct equity investment with General Capital, an existing sponsor of the bank. CIC provided $5.3 million in State LIHTC equity, $4.5 million in Federal LIHTC equity, and $85,000 in solar energy credit equity.

General Capital is a leading real estate firm focused on building a portfolio of exceptional projects in established urban and suburban neighborhoods. The firm’s core business is the development, acquisitions and management of quality office, industrial, retail, and residential properties, with an emphasis on build-to-suits.

Village Square Apartments will provide housing for families with the greatest needs. The development has strong local support from Wisconsin Housing and Economic Development Authority (WHEDA), who acted as the tax credit agency, construction lender, and permanent lender, providing $1.3 million in soft funds.