GREEN BAY, WI (WTAQ) — NeighborWorks Green Bay is officially launching Multifamily Mutual; a campaign for safe, affordable multifamily housing during a community-wide kick off and goodbye to summer picnic at Bay Beach on Tuesday, August 29 from 3:30 – 5:30 p.m.
NeighborWorks Green Bay supports multiple projects to create more multifamily housing options. Currently, they provide 254 affordable housing units in Green Bay, and reinvest rental income to support the housing programs they provide.
“Multifamily Mutual is our program to address the housing crisis head on, by coupling philanthropic investments with our own equity to build safe and affordable multi-family housing,” said Teresa Adler, donor engagement manager for NeighborWorks.
Increasing construction costs makes creating new affordable and sustainable units a challenge. The project gap, the difference between construction costs and the debt that a development can support, is an obstacle to meet the community’s housing needs that can’t be met by government grants alone. Multifamily Mutual will use donor dollars to fill the project gap.
The campaign is funded in part by the Green Bay Packers Foundation.
“We are a super-duper proud recipient of a Green Bay Packers Foundation impact grant,” said Adler. “It’s a matching grant, so they’ll match the first $250 thousand we raise.”
Currently, the goal is to raise $1 million.
“Anyone that has been in the construction industry knows that $1 million won’t build you an apartment building,” said Adler. “But $1 million is going to fill that project gap, and that’s what we’re raising money for.”
Tuesday’s kick-off picnic at Bay Beach is free; anyone attending should reach out to Teresa Adler before Monday at noon to RSVP by calling 920.544.0765 or e-mailing teresa@nwgreenbay.org.
To learn more about NeighborWorks Green Bay, click here.
