Affordable complex gets tax credits

The Ace Apartments, a proposed 70-unit apartment building at 4602 Cottage Grove Road, will receive federal tax credits originally slated for a Heartland Housing permanent supportive housing project at 1202 S. Park St., which fell through.

According a report in The Capital Times, Mirus Partners and Movin’ Out (now merged into The Commonwealth Companies) received Section 42 tax credits from the Wisconsin Housing and Economic Development Authority (WHEDA) for the $18.5 million project. It will include ground floor commercial space and 70 housing units, including 59 affordable units for people earning 30 to 60 percent of the area median income.

Land use approvals are still required, but the developer hopes to break ground next spring.