GREEN BAY – Green Bay's Redevelopment Authority Tuesday approved putting $30,000 in grant money towards a planned veterans home on the city’s northeast side.
The 50-unit project, Green Bay Veterans Manor, will cost more than $7.3 million, according to developer Cardinal Capital Management.
Project leaders say the money will be used to help fill potential funding shortfalls.
"In low-income housing tax credits, and the financing portion of it, you're almost – every deal – as you're pulling it together, there's some gap that you're dealing with,” said Joe Thomae, Cardinal Capital’s asset manager after the committee’s unanimous approval.
Located on land near the old Brown County Mental Health Center, it will also provide on-site social and mental health services for low-income veterans.
City leaders say it will have long term benefits.
"In this situation, you got 30-thousand dollars in Grant money to apply to a project that's going to bring in 30-thousand dollars, yearly, in taxes,” said committee member Alderman Joe Moore. “I think it's really a no-brainer."
The measure must still go before the city council.
Thomae says his group hopes to break ground on the project by fall, at the latest.