Building Upon the Past—SEVEN04 Place
Our life experiences often shape who we are as well as influence our career choices and professional endeavors. Growing up on the south side of Milwaukee, Brandon Rule knew that he wanted to find a way to make a difference for those most in need. By the time Brandon started Rule Enterprises, LLC. in 2013., he had already figured out exactly where he wanted his first multifamily development to be located – on a site that he passed everyday on his walk to school in Walker's Point Neighborhood.
Brandon knew from the start that constructing his first affordable housing project was not going to be an easy task, mainly because of the chosen location—a former food processing and manufacturing site. The journey began in 2015 when the development team of Rule Enterprises and Impact Seven, Inc. were faced with razing three buildings, preparing the site for construction, and securing necessary funding for the project.
The development required many partners, ten different sources of funding totaling $13.5 million, and a whole lot of neighborhood support. WHEDA helped advance the project with $637,000 in federal housing tax credits, a $1.48 million permanent loan, and a $5.6 million construction loan.
After much hard work, Rule Enterprises and Impact Seven, Inc., opened the doors to Seven04 Place, in July 2019. Seven04 Place is a 60-unit affordable housing apartment complex that has over 60,000 square feet of residential space featuring one-, two-, and three-bedroom apartments. Fifty-one apartments offer affordable rents at 60% or less of area median income and nine apartments are priced at market rate. In addition, 14 apartments are set aside for veterans who can access supportive services to help maintain housing stability.
|As a kid I used to walk to school and pass the very site that now helps the people and neighbors I grew up with.|
|-Brandon Rule, President of Rule Enterprises|
Seven04 Place is a cornerstone development for Walker’s Point offering an affordable place to live where folks want to work, raise a family, and put down roots in one of the most diverse and vibrant neighborhoods in Milwaukee. Projects like Seven04 Place, and the work of people like Brandon Rule, align with WHEDA’s vision to advance housing equity and opportunity for everyone in our state.