BUILDING OUR COMMUNITY TOGETHER

Multifamily Mutual

What is Multifamily Mutual?
Multifamily Mutual is NeighborWorks Green Bay’s program to address the housing crisis head-on by fueling multifamily development with philanthropic investment.

How does it work?
Similar to individuals coming together by investing in a mutual fund, Multifamily Mutual pools the gifts of individuals to develop multifamily housing. The dividends from this investment are truly paid back to the community by making safe, affordable housing available for every neighbor.

  

We invite you to join Multifamily Mutual and
build our community together!

How we support the community

From homeownership counseling and downpayment assistance to helping neighbors connect and finding affordable places to live, NeighborWorks Green Bay is there to support building our community together.

NeighborWorks Green Bay has been solving housing challenges and building stronger communities for more than four decades.

NeighborWorks Green Bay is extraordinarily grateful for the support of our the Green Bay Packers Foundation. The first $250,000 raised for Multifamily Mutual will be DOUBLED thanks to this generous matching grant!

Join the winning team by giving today and tackling the housing crisis right here in northeastern Wisconsin!

Our $1,000,000 Goal

Together we can raise $1,000,000 for Multifamily Mutual!  Though $1,000,000 might not go far to fund an entire multifamily housing project, it is significant when those funds are applied to the “project gap.” 

The project gap is the difference between the construction costs and the debt the development can support.  So that million dollars funds the gap, while NeighborWorks Green Bay’s equity and construction financing from our trusted financial partners pays for most of the development. 

The best part?  Once the multifamily units are successfully rented, those rent payments are reinvested into more safe, affordable housing for our community.  Your Multifamily Mutual gift made today will continue to pay dividends long into the future!

 

Housing Changes Lives

Supply has not kept pace with demand. Over the past decade, the price of homes has skyrocketed in our community. This has kept potential first-time buyers in rental housing as prices have far outpaced increases in wages.

Housing is the foundation for health and wellbeing. Too often people must choose between paying rent, buying groceries, or seeing the doctor. When more affordable housing is available, housing stability is possible for more neighbors, and we see better educational outcomes for children and better health outcomes across generations.  

7,366

Homes in Brown County needed by 2040.

153%

Increase in the median home sales price in Wisconsin between 2012 and 2023.

52%

Of renters surveyed in the City of Green Bay’s housing market study said they had to forego other needs such as food, healthcare, or childcare to pay for housing.

Beautiful Multifamily Housing for Working Families

NeighborWorks Green Bay has built or renovated 467 homes throughout our community over the last 41 years. These projects are designed with the surrounding neighborhood in mind. 

Your Multifamily Mutual gift is an investment in the fabric of our community. Each multifamily housing unit constructed through this program will be a beautiful addition to the neighborhood and a safe place working families will be proud to call home.

NeighborWorks Green Bay townhomes coming to our community soon!

Our Partners

Thank you to the generous partners making Multifamily Mutual possible!

Frequently Asked Questions

  • NeighborWorks Green Bay is a housing nonprofit founded in 1982. We are a resident-led 501(c)(3) nonprofit corporation and a Community Housing Development Organization (CHDO). Our mission is to solve housing challenges and build stronger communities. To live this mission, we serve the greater Green Bay area through homeownership preparation services, down payment and closing cost assistance lending, community-interest real estate development and much more!

  • NeighborWorks Green Bay serves residents of Brown County and beyond with a variety of services around loving the place you live. From homeownership counseling and downpayment assistance to helping neighbors connect through their neighborhood associations, we at NeighborWorks Green Bay are invested in helping everyone with safe, affordable housing.

  • Multifamily Mutual is NeighborWorks Green Bay’s program to address the housing crisis head-on by coupling philanthropic investment with our own equity to build safe, affordable multifamily housing. To begin construction on multifamily housing, NeighborWorks Green Bay will couple our own investment with that of a bridge construction loan from one of our trusted financial partners. The difference between construction costs and the debt the development can support is termed the “project gap” and Multifamily Mutual is the program to fund that gap so that NWGB can scale up multifamily developments until they move into stabilized operation with tenants paying rent.

  • There is a shortage of housing across the income spectrum in our community. A recent housing market study conducted by the City of Green Bay projected a need for no fewer than 3,314 new apartments and 4,052 owner-occupied units to meet housing demand by the year 2040. To attract and retain talent, employers need to know that their employees will be able to find a home that meets the needs of their families. In 2020, only 31% of those working in Green Bay also live in Green Bay. To staff the incredible businesses in our area so that our community can thrive, more housing is desperately needed. Multifamily Mutual is a creative and sustainable way of funding multifamily housing that will address the housing needs of greater Green Bay.

  • No, this is not a capital campaign. This is a campaign to address the project gap in construction funding. This campaign is designed to be a rolling fund not for a single address, but rather for this type of development as we scale up building multifamily units in the greater Green Bay area and beyond.

  • The initial goal for Multifamily Mutual is $1,000,000. These funds, coupled with NWGB’s equity in the project and bridge construction loans will invest in building multifamily housing that will result in sustainable rental income to reinvest in subsequent developments.

  • Success for this campaign will be the continued construction of safe, affordable rental housing in the greater Green Bay area. Providing more housing for working families helps employers better attract and retain talent to fuel growth in our local economy. Success looks like families living, working, and thriving because they have a safe, affordable place to call home.

  • We are looking forward to providing donors with bi-annual updates on construction, occupancy and information on housing in the greater Green Bay area. Our staff are always available to provide information and answer any questions! They can be reached at (920)448-3075 or by email at info@nwgreenbay.org