OSHKOSH (NBC 26) — Oshkosh city leaders have approved a development agreement with White Label Lofts, a company planning to build one-, two-, and three-bedroom apartments on the 900 block of South Main Street. The project is designed to support local veterans and people facing homelessness.
The development will use 2 existing buildings and replace another with a new three-story addition. Of the 49 units planned, 7 will house those needing supportive services, 8 are reserved for people experiencing or at risk of homelessness, and 6 will specifically serve income-qualified veterans.
The project is receiving tax credits from the state, along with Tax Increment Financing from the city.
Oshkosh Common Council Member Joe Stephenson explained how the city's financing arrangement works.
"Essentially what that is is we're really giving them a portion of their taxes back every year. If they have created the units and have the affordability that we want in that agreement, they will get a portion of their taxes back in a pay-go TIF," Stephenson said.
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Winnebago County Veterans Service Office Director Del Volpel said there are 13,000 veterans in the area and that affordable housing is a pressing need for many of them.
"We've noticed that there's a lot of veterans in our area over the age of 60-65 on a fixed income. The income levels are pretty much capped, and the percent increase annually is not going to cover the cost that the landlords are potentially looking at or wanting to get for their apartments," Volpel said.
According to the city, construction on the apartments will begin by Dec. 1 this year. The site will begin housing people one year later.
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