National Equity Fund

Milwaukee Soldiers Home PHASE II

Milwaukee, WI

Jobs Created: 18
Jobs Year One: 76

Milwaukee Soldiers Home is the preservation of 101-unit apartments on the grounds of the Clement J. Zablocki VA Medical Center in Milwaukee. Eighty of the development’s homes are in Old Main, which was constructed in 1867 as a place of recuperation for Civil War soldiers as they transitioned back into society as part of one of the last pieces of legislation signed by President Lincoln. Today, six historic buildings on the Milwaukee Soldiers Home grounds, including a National Historic Landmark, have been rehabilitated and returned to their original purpose, the service of veterans. The development also serves families experiencing or at risk of experiencing homelessness.

Rents are affordable to households earning between 30-50 percent of Area Median Income (AMI) and all receive 30-year Project Based VASH (Veterans Affairs Supportive Housing) rental subsidy vouchers from the Housing Authority of the City of Milwaukee (HACM).

Milwaukee Soldiers Home is one of the first developments in the nation and the first in Wisconsin financed with a hybrid structure using 4% and 9% Low-Income Housing Tax Credits (LIHTC).

All residents of the Milwaukee Soldiers Home have access to a range of supportive services, provided on-site by the Milwaukee Veterans Affairs Medical Center HUDVASH program. Services include care coordination, job training and employment assistance, help with benefits coordination and peer-to-peer counseling.

The property’s extensive rehabilitation was spearheaded by The Alexander Company. NEF invested nearly $15 million of LIHTC equity into the development. 

Milwaukee Soldiers Home won the 2021 Charles L. Edson Tax Credit Excellence Award in the Housing for Veterans of the Armed Forces category and Affordable Housing Finance (AHF) Reader’s Choice Award in the Historic Rehab category.

Project Details:

Population Served:
Special Needs
Total Units:
Mix of Residences:
1 Bedroom (42),SRO (14),3 Bedroom (6),4 Bedroom (1)
Net Equity:
Credit Type:
Other Credits:
Total Project Costs:
Housing Authority of the City of Milwaukee,The Alexander Company, Inc.
Property Manager:
Center for Veterans Issues
The Alexander Company, Inc.,Uihlein/Wilson - Ramlow/Stein Architects, Inc.
General Contractor:
J.P. Cullen & Sons, Inc.

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Seasons at Compton - BOACHIF V 2010 - Secondary 2015

Seasons at Compton - BOACHIF V 2010 - Secondary 2015

Compton, CA

SEASONS at Compton, winner of the National Association of Home Builders award for best senior special-needs property, is an 84-unit new construction development for the elderly with 32 units set aside for developmentally disabled individuals or families. It consists of 11 residential buildings ranging from two to four stories with a 3,495-square-foot community center that includes a social service office. There are 68 one-bedroom residences and 16 two-bedrooms with balconies.


Designed by Nardi & Associates of Monrovia, California, the buildings were constructed in two clusters each encircling an elevator and connected by a network of catwalks. The tallest buildings, which are located next to the 710 Freeway, act as a sound barrier minimizing noise for the rest of the community. The development includes a landscaped courtyard with a fountain and is designed to maximize shade and breeze. Structures have stucco exteriors with faux redwood accents and flat roofs with slanting parapets. The development received LEED Silver certification for its sustainable, energy-efficient construction.


SEASONS at Compton is sponsored by LINC Housing, a nonprofit based in Long Beach, California, one of the 25 largest developers of affordable housing in the country as of 2011. The $10.3 million of LIHTC equity National Equity Fund, Inc. contributed to the project is its first investment with LINC Housing.

Freedom Village at West Windsor

Freedom Village at West Windsor

Princeton, NJ

In 2020, Freedom Village at West Windsor opened in Princeton, New Jersey as a beautiful 72-unit affordable housing community that supports residents with disabilities. This development provides homes for moderate income families and individuals who earn between 50-80 percent of the Area Median Income (AMI).  

About 45 percent of residents in the community live with developmental and mental health disabilities, and 18 apartments are set aside for individuals in need. Specifically, 10 units are reserved for residents who are currently receiving services for developmental disabilities through their individual providers. Rents for these set-aside units are all paid for by the New Jersey Division of Developmental Disabilities while rent for eight units reserved for mental health consumers receiving agency services are paid for by the New Jersey Division of Mental Health and Addiction Services. The remaining 54 units are available for individuals and families without disabilities. While showcasing their mission, Project Freedom provides a 100 percent barrier free convenience with accessible wheelchairs and social service providers.  

Freedom Village at Windsor brings together neighborhoods through easy access to transportation, high-quality education and job opportunities in the surrounding areas. The developer worked to meet LEED Silver equivalent efficiency, minimizing water usage while creating healthy and efficient cost-saving buildings and minimal usage of heating and cooling sources.  

With Project Freedom as the developer, NEF invested over $13.2 million in LIHTC equity. 

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