Associated Bank provides $14.1M financing for affordable housing development

The New Shield Apartments Madison Wis

A rendering of the new Shield Apartments in Madison.

Associated Bank announced the closing of a $6,900,000 construction loan and $7,200,000 in low-income housing tax credit equity for The Shield Apartments, a 44-unit affordable multifamily project developed by The Salvation Army, Central Territory. The new apartment community will be located at 22 North Blount St. in Madison, a half mile from the Wisconsin State Capitol.

The project will include 16 studio and 28 one-bedroom units affordable by tenants earning 30 to 60% of area median income. Twenty-two of the units will be set aside for survivors of domestic violence and 11 will be designated for persons prone to homelessness. Apartments will include all major kitchen appliances, an in-unit washer/dryer, and central air conditioning. Common amenities will include a controlled entry, an on-site leasing and management office, offices for supportive services, and a community room. Parking will include 32 underground stalls and 18 spaces on an outdoor lot.

The Shield is a part of The Salvation Army, Central Territory’s goal of transforming its existing Madison building, located at 630 East Washington Ave., from a standalone, drop-in shelter for women and families into a larger multibuilding campus that includes affordable housing and broader community support services.