River Flats Apartments project helps reduce rent worries for Janesville families in need

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River Flats is a new, multifamily apartment building in the heart of downtown Janesville. The development offers two- and three-bedroom apartment homes to families making 80% or less of the area median income. There are 19 units of supportive housing serving people with disabilities and veterans making at or below 30% of the AMI.

Janesville, like many other cities, is in desperate need of more affordable, workforce housing. This development helps lessen the rent burden for 92 families, providing them with a place they can be proud to call home.

It took almost two years to finish the project plans and secure the 11 sources of funding that were needed. The development benefited from the recently created Wisconsin State Tax Credit. Equity Fund Inc. purchased the state and federal tax credits, generating about $9.9 million in equity. And the Wisconsin Housing and Economic Development Authority provided short- and long-term bonds worth about $12.7 million. The project had such strong municipal support that Janesville sold most of the land for the development to the general contractor, The Commonwealth Cos., for $1.

Christopher Kyte, Commonwealth senior vice president of construction, said, “I’m certain our general superintendent, Tracer Freeman, would absolutely point to the constraints of the tight site in downtown Janesville as being the largest unforeseen challenge. The schedule required the team to go vertical and ultimately top-out the building while safely working alongside an occupied apartment complex on the property. Diligent site logistics planning was paramount.”

Construction began only a week before the first COVID-19 statewide shutdown. Kyte said, “It goes without saying that any project constructed between early 2020 and today has had to remain nimble with pandemic, market and supply-chain influences in order to be successful.”

Thanks to a persevering team, River Flats was still completed on time and within its $20 million budget. Kyte said, “All involved should be commended for setting the bar on this project. In Commonwealth’s case with the River Flats Apartments, we remain committed to providing top-notch affordable housing to the Janesville community.”