1300 Residences in River Falls, WI won a 2022 Charles L. Edson Tax Credit Excellence Award in the Green and Healthy Housing category.
1300 Residences, co-developed by West CAP and Gerrard Development LLC, provides 50 affordable homes to working class residents as well as seniors, people with disabilities, and veterans in River Falls, Wisconsin. The 4 percent Low-Income Housing Tax Credit (Housing Credit) was used to finance the property, with financing facilitated by Cinnaire and architectural services provided by Cornerstone Architects.
As the sun rises on 1300 Residences each morning, something truly remarkable begins to happen: 580 photoelectric panels start transforming free, clean, and endlessly renewable sunlight into electricity. Three large Smartflowers, each with 12 solar panels of their own, open automatically in the yard and follow the sun across the sky for the entirety of the day. The electricity that these solar panels generate power state-of-the-art heat pumps that harvest the renewable energy and transform it into electricity. The result of these innovative features allow the property’s 50 households to wake up warm on a winter morning, stay cool on the hottest summer day, and make breakfast every day in a kitchen featuring an abundance of sunlight streaming through insulated glass windows.
1300 Residences received recognition from the Green Built Home’s certification with the highest score ever awarded to an affordable housing development. The property’s plethora of green features results not only in annual carbon dioxide emission savings that amount to around 300 tons per year, but also in significantly reduced utility and energy costs for the property’s residents. The systems save the project approximately $60,000 per year in energy costs, which in turn means residents only have to pay one fee per month that covers rent, heat and air conditioning, electricity, and all other utilities. The property has 10 apartments reserved for residents with special needs and another 10 reserved for veterans with disabilities.
Residents also benefit from onsite educational and financial literacy classes, and amenities such as a community room, picnic area, playground, and library. The property is also located in close proximity to downtown River Falls’ grocery stores, green spaces, an elementary, middle, and high school, the local university, and the town’s business district.
1300 Residences provides high quality, affordable housing for residents of River Falls who need it most, while incorporating unique and impactful environmentally forward features. The property represents a culmination of stakeholders’ commitments to address issues present in both the local community and on a more global scale.
Read more about 1300 Residences in Michigan Business Network.
Read more about 1300 Residences in Wisconsin Bankers Association.
Recognition from U.S. Representative Ron Kind (D-WI-03)
Congressman Ron Kind (D-WI-03) presented the 2022 Edson Award to 1300 Residences at the AHTCC’s 2022 Fall Meeting and Charles L. Edson Tax Credit Excellence Awards on September 20, 2022 in Washington, DC. Peter Kilde of West CAP, Paul Gerrard of Gerrard Companies, and Brad Kortbein of Cornerstone Architects accepted the award.
Statement from U.S. Senator Tammy Baldwin (D-WI)
“The cost of housing remains a challenge for so many in our state and the Low Income Housing Tax Credit is an important tool that can be used to make it more affordable. The development of 1300 Residences in River Falls is well deserving of this year’s Edson Award for providing affordable homes that serve working families as well as seniors, people with disabilities, and veterans in Wisconsin,” said Senator Tammy Baldwin (D-WI). “I congratulate 1300 LLC and Gerrard Development on this award from the Affordable Housing Tax Credit Coalition and I want to thank them for their work to foster environmental sustainability and provide affordable housing in Wisconsin. This effort is adding real value to the River Falls community.”