The 1300 Residences, one of West CAP’s newest affordable housing properties, was nationally recognized on Tuesday, September 20 as a 28th Annual Charles L. Edson Tax Credit Excellence Award (Edson Award) recipient. Winning in the Green and Healthy Housing category, this award recognizes affordable housing and organizations that have demonstrated impactful use of the Low-Income Housing Tax Credit (Housing Credit). The project’s co-developers were invited to Washington D.C. to accept the award at the Affordable Housing Tax Credit Coalition’s annual Edson Awards. U.S. Representative from Wisconsin’s 3rd Congressional District, Ron Kind, presented the award to West CAP Executive Director, Peter Kilde, Gerrard Companies’ Vice President, Paul Gerrard, and Cornerstone Architects owner, Brad Kortbein.
The Edson Awards honor Low Income Housing Tax Credit developments that strengthen communities, improve resident opportunities and support economies in urban, suburban and rural areas across the country.
This project took a great deal of collaboration, ingenuity, and a deep commitment to the cause of environmental responsibility,” says Executive Director for West CAP, Peter Kilde. “The design goal was not only to build high quality, affordable housing in a community that needs it, but also to meaningfully address climate change and contribute to the sustainability of a future we all share. I want to extend a sincere thank you to Corinne Hyzny of Cinnaire, the project syndicator, for nominating 1300 Residences, to the project developers Peter and Paul Gerrard of Gerrard Companies, to the Wisconsin Housing and Economic Development Authority (WHEDA) who awarded the tax credits in the first place, the WI Department of Administration federal HOME program, the City of River Falls, and to all those involved in making this great project possible.”
1300 Residences in River Falls, WI was co-developed by West CAP and Gerrard Companies and provides 50 affordable homes to workforce residents as well as seniors, people with disabilities, and veterans. The 4 percent Housing Credit was used to finance development of the property, with syndication provided by Cinnaire and architectural services provided by Cornerstone Architects. The property’s design includes 580 rooftop solar panels, three large solar flowers encompassing 36 additional solar panels, and state-of-the-art air source heat pumps for heating and cooling. These green features result not only in annual carbon dioxide emission savings of around 300 tons per year, but also significantly reduce utility and energy costs for residents. Residents also benefit from onsite educational and financial literacy services, amenities such as a community room, picnic area, playground, and library, and close proximity to downtown River Falls’ grocery stores, green spaces, education opportunities, and business district.
U.S. Senator Tammy Baldwin reached out to recognize the achievement by stating “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.”
The project was also recognized in the 2020 Governor’s Blue Ribbon Commission on Rural Prosperity Report, was the 2021 WI Environmental Initiative’s highest-scoring Green Built Certified Affordable Housing Project, and won the 24th Annual Governor’s Excellence in Community Action Award.
About Charles L. Edson
The Edson Awards are named for Charles L. Edson, an affordable housing luminary who was Transition Director for the U.S. Department of Housing and Urban Development under President Carter, served in the Office of the General Counsel at HUD and served as Co-Editor-in-Chief of Housing and Development Reporter for nearly 40 years.
About Gerrard Companies
Gerrard Companies is a real estate development company formed in 1954 by its founder M. William Gerrard, his momentum carried on the family’s vision in real estate practices and careers. Today, they provide residential, commercial, brokerage services, general contracting, real estate development services, construction development services and real estate management.