Project: Arbors of Hudson
Hudson, Wisconsin, only 20 minutes away from Minneapolis-St. Paul, has seen its population grow 50% in recent years. Despite this growth, there has been very limited affordable housing development. With occupancy of local apartments over 97%, Impact Seven partnered with Community Housing Capital (CHC) to structure a $3.1 million in financing for their acquisition of the Arbors of Hudson. This well-constructed apartment complex had been nicely maintained, but Impact Seven plans to reduce operating costs and stabilize turnover. Impact Seven has a very strong property management team with a proven track record of success, and they believe this purchase will also allow them to receive a real estate tax exemption for the 39 affordable housing units of the 45-unit property.
Impact Seven, headquartered in Almena, Wisconsin, was founded in 1970 to foster social and economic opportunities for disadvantaged residents in seven, rural northwestern Wisconsin counties; Burnett, Sawyer, Barron, Polk, Chippewa, Dunn, and Pepin. Impact Seven is a Community Development Corporation (CDC) and a certified Community Development Financial Institution (CDFI).