Land and Space Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development. SHARE

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An apartment building aimed at homeless families, and families at risk of becoming homeless, is being propposed for Milwaukee's north side.

The development, with around 35 units, would be built at the northwest corner of E. Center and N. Buffum streets by Chicago-based Heartland Housing Inc.

Heartland is seeking an option to purchase a vacant, city-owned lot for the development. The city Redevelopment Authority board on Thursday will review that option request. The 30,000-square-foot lot would sell for $30,000.

Heartland, a nonprofit developer, will seek federal affordable housing tax credits to help finance the project, said Michael Goldberg, executive director. Those credits are given to developers in an annual competitive process.

Developers that receive the credits agree to provide apartments at below-market rents to people earning no more than 60% of the area's median income. The Wisconsin Housing and Economic Development Authority usually announces in April which developers receive credits from that year's allocation.

The development would have units ranging from two to four bedrooms, Goldberg said. He said the project budget, and the amount of credits being soughts, are still being determined.

A Department of City Development report said the preliminary estimated budget was $10.6 million.

The four-story building would include a community room, business center, child care center, 17 parking spaces and an outdoor playground, the report said. Community Advocates, a Milwaukee social services agency, would provide on-site assistance to residents.

Heartland has done two other Milwaukee developments: the 24-unit Prairie Apartments, 1218 W. Highland Ave., which opened in 2009, and the 38-unit Capuchin Apartments, 2502 W Tamarack St., near N. 25th St. and W. Fond du Lac Ave., which opened in August.

Both of those projects have studio units and one-bedroom apartments for homeless individuals, and people suffering from chronic mental illnesses.

The latest project is being proposed because of the great need in Milwaukee for apartments for homeless families, and those at risk of becoming homeless, Goldberg said.

My colleague Annysa Johnson has a detailed story about that problem in today's Journal Sentinel.