Funding for five affordable housing projects that would bring an estimated 240 units of affordable housing to Madison received support from the city’s Finance Committee Monday.
On its consent agenda, the committee unanimously recommended awarding up to $5.77 million from the city’s five-year-old Affordable Housing Fund, which will allow developers to leverage federal Low-Income Housing Tax Credits allocated by the Wisconsin Housing and Economic Development Authority (WHEDA).
The funding and projects include:
• Up to $1.7 million to JT Klein Company’s Westgate Commons project at 160 Westgate Mall, a 71-unit rental housing development with 56 affordable units.
• Up to $1.2 million to Madisonian Development for The Madisonian Apartments at 1825 and 1837 Aberg Ave., a 70-unit rental housing development with 49 affordable units.
• Up to $1.04 million to AgeBetter, Inc. and Gorman & Company for AgeBetter Community Living at 6145 Mineral Point Road, a 75-unit rental housing development with 63 affordable units.
• Up to $500,000 to The Salvation Army for The Shield Apartments at 630 E. Washington Ave., a 44-unit rental housing development with 37 affordable units.
• Up to $1.35 million to Northpointe Development for Uno’s Madison Apartments at 7601 Mineral Point Road, a a 61-unit rental housing development with 37 affordable units
The five recommended projects would support construction of approximately 320 units of new rental housing in Madison, 240 of which would be affordable.
In a statement, Mayor Satya Rhodes-Conway said the projects include a longer period of affordability, 40 years rather than 30, and stronger sustainability and energy efficiency measures.
“Creating affordable housing is one of the top priorities of my administration,” Rhodes-Conway said in the statement.
The City Council will vote on the resolution at its Oct. 20 meeting.
Since the program started in 2015, the Affordable Housing Fund has supported 21 developments with a total cost of $375 million. Thirteen of these projects are complete, four are under construction and four are in the final design stages.
Madison has invested $28.7 million into these projects with Affordable Housing Funds, and they have gone on to receive $187 million in federal tax credits.
Once these projects are all complete, they will add 1,705 units of new rental housing, 1,326 of which will be affordable.
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