Crown Court Properties
Forward Community Investments provided a loan to Crown Court Properties for $125,000 for the predevelopment of 100 units of affordable housing in Manitowoc, Sheboygan and Door Counties: 36 of those units were for elderly housing in Sturgeon Bay and 64 units included family-based housing in Plymouth and Kiel.
Loan Amount: $125,000 for predevelopment expenses
“The predevelopment loan from Forward Community Investments made affordable development possible in times when capital is difficult to find.” – Rabbi Menachem Rapoport, Crown Court Properties
Driven by the belief that people of all incomes deserve decent standards of living, Crown Court Properties purchases, rehabilitates and preserves affordable housing at risk of elimination from the national affordable housing inventory. It currently partners or owns more than 500 affordable units in Wisconsin and Illinois.
Forward Community Investments provided a loan to Crown Court Properties for $125,000 for the predevelopment of 100 units of affordable housing in Manitowoc, Sheboygan and Door Counties: 36 of those units were for elderly housing in Sturgeon Bay and 64 units included family-based housing in Plymouth and Kiel.
This project successfully preserved the supply and condition of affordable housing in northeastern Wisconsin. As a result:
- Bayview Terrace City in Door County preserved 36 units of elderly housing; renovations increased accessibility for residents and offered an on-site community center featuring a laundry room, fitness center, computer facility and beauty salon.
- Fairview Crossing Apartments offered 64 units of affordable housing for people at or below 60% of median income in Manitowoc and Sheboygan Counties.
The partnership with Crown Court Properties was not only a quality investment, but also a commitment to improving life for people in rural Wisconsin communities.
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Quotes
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In addition to providing us with a $60,000 loan for predevelopment expenses, Forward Community Investments facilitated the transfer of more than $5 million in New Market Tax Credits to this project. This access to capital meant that we were able to reach our goal earlier than expected – saving us valuable time and money.”
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"The predevelopment loan from Forward Community Investments made affordable development possible in times when capital is difficult to find."
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"I think Forward Community Investments is truly a partner because a partner picks up where you leave off. It was fairly straightforward.”
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“FCI finds ways to finance projects that no others can. I truly believe you are all unique and outstanding.”
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"With affordable financing and a progressive mission that aligns with ours, Forward Community Investments has been a great fit.”
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"Without Forward Community Investments and a willingness to provide non-traditional financing, we would not be able to provide these programs.”
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“Financing from Forward Community Investments allows us to make a greater impact on low-income and no-income families in Wisconsin.”
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"The workshop definitely helped to increase our awareness of capacity building, and the online self-assessment tool that was presented will be a great asset in making our program more effective.”
