Commonwealth Development presents $19.2M housing proposal to Oshkosh RDA for approval

The Oshkosh Redevelopment Authority (RDA) convened on July 19, 2023, to discuss significant developments in the city, including a proposal from Commonwealth Development Corporation of America. The meeting commenced at 4:00 PM, with all members present, and began with the approval of minutes from a special meeting held on June 28, 2023.

The primary agenda item was a presentation by Commonwealth Development, which submitted the sole proposal in response to the RDA's request for proposals (RFP) issued earlier in the spring. Tyler Sheeran, Vice President of Development for Commonwealth, outlined the company's extensive experience in affordable housing, highlighting their portfolio of approximately 5,800 units across 24 states. Sheeran emphasized the company's commitment to in-house management, ensuring ongoing support for developments post-construction.

The proposed project is a $19.2 million development that includes a mix of housing types: a 32-unit mid-rise building and two 8-unit townhome buildings. The development aims to cater to various income levels, with set-asides for households earning 30%, 50%, and 80% of the area median income. Sheeran noted that the project would not include market-rate units but would focus on workforce housing.

Commonwealth is seeking $8 million in federal low-income housing tax credits and $3 million in state credits, along with a request for the city to reserve a $250,000 grant from the Wisconsin Economic Development Corporation (WEDEC). The proposal also includes a partnership with the Oshkosh Child Development Center to provide daycare services, targeting workforce families.

During the Q&A session, RDA members raised questions about the project's design, potential changes post-approval, and the timeline for construction. Sheeran confirmed that the project is expected to break ground in early spring 2025, following necessary approvals and additional due diligence.

The meeting concluded with a motion to enter closed session to discuss negotiation strategies related to various parcels around Jefferson and Main Streets. The motion was unanimously approved, allowing the RDA to continue discussions privately.

Overall, the meeting highlighted the RDA's commitment to addressing housing needs in Oshkosh through collaborative efforts with experienced developers, aiming to enhance the community's living conditions while promoting sustainable development practices.