The issue before the Council was whether to allow Stone Pointe Condominiums, which are planning a 3 building complex off of State Street near Walgreens and the foundry, to change one of the buildings to a WHEDA subsidized seniors only apartment building. I have no problem with this. As a realtor I can tell you there is NO market right now for condos so it would be nearly impossible to get financing. I can also tell you the market for senior apartments is wide open, probably for the next 20-30 years as the baby boomers all get ready for the next phase of life. The WHEDA credits that Stone Pointe is eligible for require a capped income for the residents that would live there and unfortunately somebody, somewhere in the last month has labeled this project low income housing. Seniors, in general don't have much income BECAUSE MOST OF THEM DO NOT WORK. They collect a pension, or social security, and a few might have a part-time job. The average senior has an income is $29,248 , the median income is actually much less than that at $18,208 . Either way you look at it a pretty low income. Seniors tend to be frugal, they have to be, and they tend to live fairly simply but they do deserve to live somewhere nice, like Stone Pointe would be.
An issue that came forth last night that caught the attention of the council was that after construction, because of the fixed income restrictions, the valuation used for assessment would be much lower than the original Stone Pointe condo building would have been. In all, this building would probably add about $20,000 to the city's tax rolls.
A motion was made to send the issue back to committee. I hope that the true reason it is going back is to discuss the tax implications and not the stigma on the misnomer that this project will be low-income housing apartments. If this project ever gets off the ground the people that live there will be by virtue of residence Wauwatosans. I would hope that all Wauwatosans are all open-minded enough to live with friendly neighbors no matter what they look like, how old they are, or how much money they make. The people who live there will spend their money in the Village, take their walks in Hart Park and call Wauwatosa home. We all choose to live here, why wouldn't they?