Affordable housing initiative continues
The city of Madison’s initiative to create 1,000 new affordable housing units in five years continues, with the city looking to pump as much as $7.8 million in funding into new and existing plans, some that failed after federal tax credits fell through.
The City Council is considering providing $3 million dollars toward a new $23 million development on Cottage Grove Road that would add 129 units on the site of the Pinney Library, which will soon be relocating. Of those, 109 would be available for those making less than 60% of Dane County’s median income ($46,020 for a family of three), according to the Wisconsin State Journal.
Fair Oaks Apartments, a $17 million, 80-unit project from Stone House Development at 135 S. Fair Oaks Ave. could receive up to $1.35 million. Sixty-eight of those units would be made affordable for those earning less than 60% of the county’s median income.
The Council is also considering an additional $230,000 to support CommonBond Communities for the Tree Lane Senior Apartments (51 of 54 units would be affordable, including 11 for senior homeless vets with disabilities); and $500,000, for a total of $2 million, to Heartland Housing for The Park Street Apartments as 1202 S. Park St., which would offer 58 units of permanent housing for homeless individual adults.