As affordable housing continues to remain a challenge in Dane County, Executive Joe Parisi announced plans to support seven affordable housing projects with $8.2 million.
The projects, which would create 465 new affordable housing units throughout Dane County, could receive funding from the county’s Affordable Housing Development Fund once the Dane County Board of Supervisors signs off on it.
Parisi said in a statement that the COVID-19 pandemic exacerbated challenges to develop affordable housing.
“By partnering together and creating more affordable housing in our community, we can increase opportunity for all of Dane County’s residents,” Parisi said. “We are excited to invest in these projects through the Affordable Housing Development Fund and form partnerships that bring more affordable housing to the Dane County community.”
Overall, the projects would create 189 units in the city of Madison and 276 units in the communities of DeForest, Monona, Oregon and Sun Prairie.
Dane County uses an application process to review eligible projects. A resolution to approve these proposed allocations was introduced at the Dane County Board’s meeting Thursday.
Since its inception in 2015, the Affordable Housing Development Fund has committed $25.7 million to affordable housing projects.
Of those funds, 43% have supported projects located in Madison, and 57% have funded projects outside of the city. The total units expected to be created with the Affordable Housing Development Fund are 2,038, with 1,837 (90.1%) of those units being affordable, according to the county.
The projects proposed to be funded by Dane County this year include:
- $1.45 million to MSP Real Estate, Inc. for the 79-unit The Heights Apartments at 2208 University Ave. in Madison. The proposed project includes 79 units, of which 62 units will be affordable. Of the affordable units, 16 will be affordable to households at 30% of the county median income ($30,930 for a family of four), 32 units affordable at 50% ($51,550 for a family of four) and 14 units affordable at 60% ($61,860 for a family of four). Seventeen units will be offered at market-rate rents.
- $1.3 million to Lincoln Ave Capital for the 70-unit Summit Ridge Apartments located at 4649 Verona Ave. in Madison. Of the total units, 14 will be affordable to households at 30%, 28 units affordable to households at 50% and 17 units affordable to households at 60% county median income (CMI). The remaining 11 units will be offered at market rate. The development will include an on-site community service facility that will provide space for job training and supportive services.
- $640,000 to Northpointe Development II Corporation for CC Lane, a 50-unit project located at 5227 County RD CC in Oregon. Ten units will be affordable at 30%, 20 units affordable at 50%, and 12 units affordable at 60% CMI. The remaining eight units will be offered at market rate rents.
- $1.3 million to Northpointe Development II Corporation for Broadway Lofts located at 1208 East Broadway in Monona. The project will include a total of 75 units, of which 15 will be affordable at 30%, 30 units affordable at 50%, and 14 units affordable at 60% CMI. The remaining 16 units will be offered at market rate rent.
- $1.5 million to Habitat for Humanity of Dane County, in conjunction with Northpointe Development II Corporation and DreamLane Real Estate Group, for Prairie Creek Senior Apartments and Townhomes, located at 1050 E. Main St. in Sun Prairie. The 75-unit project will be entirely affordable, with five units affordable to households at 30%, 25 units affordable at 50%, 20 units affordable at 60%, and 25 units affordable at 80% ($79,900 for a family of four) CMI. Sixty-one units will be for seniors, and 14 units will be for families.
- $860,000 to Odessa Affordable Housing, LLC for Avenue Square Apartments located at 1802-1814-1818 Packers Ave. and 2102 Schlimgen Ave. in Madison. The 68-unit project will be entirely affordable, with 14 units affordable to households at 30%, 27 units affordable at 50%, and the remaining 27 units at 80% CMI. The project will also include a community service facility.
- $1.3 million to MWF Properties, LLC for Pederson Reserve at 6639 Pederson Crossing Boulevard in DeForest. The 100-unit project will include one unit that will be affordable to households at 30%, 20 units affordable at 50% CMI and 79 units affordable at 60% CMI.