Eau Claire Plans 60 New Affordable Apartments
The city will sell a parking lot to a developer to help create rental units for families earning 40% to 60% of median income.
Updated on Oct. 28, 2026 in Residential
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The Eau Claire City Council has unanimously approved a memorandum of understanding to sell the Seaver Street parking lot to the nonprofit developer Impact Seven for $20,000. This agreement is a necessary step for the proposed $12 million multi-family apartment complex, which aims to provide 60 units of housing for low-income families.
Why it matters
The city is utilizing local land assets to facilitate affordable housing development, as it currently lacks the dedicated revenue stream required to fund such projects directly. By designating the site as a qualified census tract, the city aims to align with state guidelines that encourage the expansion of low-income housing beyond the state's largest metropolitan areas.
The proposed project includes 60 apartment units priced for families earning between 40% and 60% of the median county income. While the city lot is valued at $20,000, the broader development is estimated to cost $12 million.
The players
Eau Claire City Council
The local governing body that manages city land assets and approves development agreements for housing.
Impact Seven
A nonprofit organization based in Rice Lake that specializes in developing multi-family housing projects.
The details
The memorandum provides Impact Seven with the required proof of site control to apply for critical tax credits. The city effectively subsidizes the development by transferring the land, which currently serves as a 37-space parking lot, at a rate of $1.50 per square foot. The site will continue to operate as a public parking lot until the sale officially concludes.
Timeline
The City Council voted to approve the agreement on October 27, 2026.
A potential sale of the lot could proceed in the spring of 2027 if tax credits are awarded.
Money Landscape
This development follows state-level guidelines designed to push low-income housing projects outside of major hubs like Milwaukee, Green Bay, and Madison. The move reflects a broader trend of mid-sized cities using land assets to address housing shortages without direct capital investment.
Local families earning between 40% and 60% of the median county income may eventually gain access to 60 new affordable rental units if the project moves forward. Households interested in low-income housing options can monitor future city council announcements for updates on the project's tax credit status.
The takeaway
The city is leveraging public land to support affordable housing in a climate where direct funding is constrained. Residents should keep an eye on spring 2027, when the potential sale and tax credit award status will be confirmed.
What happens next
The project's advancement depends on the award of tax credits, with a potential sale date slated for the spring of 2027.
Further reading
For more information on market trends and city projects, visit the Residential section.
Source note: This article includes information reported by Leader-Telegram.
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