FULTON – Construction has begun on a $9.5 million, three-story affordable housing complex, expected to be move-in ready by September.
Bear Development of Kenosha, Wisconsin, is building 40 units – 15 one-, 15 two-, and 10 three-bedroom apartments – at 19200 Elston Road, a site it bought from the city for $175,000.
Ground was broken last week on the project, called Fulton Commons, which has been in the works a little more than 3 years, when Bear first approached city officials.
The city obtained the site in 2005 from Frank Johnson, owner of J.T. Cullen. He moved the business to 901 31st Ave., then demolished the building where the metal fabricator had been since the 1930s.
The complex, being built for a mix of seniors and families, is not considered low-income housing – it is not part of the federally funded Section 8 program, which provides renter subsidies.
Instead, tenants qualify for particular units based on their ability to pay a certain percentage of their income, say, 30 percent.
Bear was granted $900,000 in low-income housing tax credits, which means it will provide housing for low- to moderate-income renters in exchange for tax credits. The federally funded LIHTC program doesn’t provide direct assistance to renters and is strictly used to finance the construction (not the operation) of rental properties.
The city also has agreed to contribute $283,000 toward the construction of a water main, $57,510 of which is the out-of-pocket expense that will come from city reserves.
The new water main, which also is under construction will improve water pressure not only at the site, but also for the neighboring properties, said Joseph Schwenker, Bear’s project manager.
Fulton Commons is at 19200 Elston Road, at Highway 84 and 16th Street on the east side of town. The one-bedroom units average 750 square feet, the two-bedroom units average almost 1,000 square feet.
Each unit will feature:
• A fully equipped kitchen
• A peninsula or island
• Individual furnace and central air
• Cable TV hookups
• Patios or balconies
• Walk-in closets
There also will be a community room, an exercise room, an elevator, controlled access to the building and on-site property management by the Laborers’ Home Development Corp.
In about a week, potential renters can go to fultoncommonsapts.com or call 815-499-5628 for more information.