City to decide on record housing funding

Up against an extreme housing shortage, the city of Madison is set to award $8.9 million to three housing projects, according to a report from the Wisconsin State Journal. The projects were chosen among six that were submitted for grants from Madison’s Affordable Housing Fund. In total, the projects to be built downtown and on the east and west sides will deliver 499 units, with 344 of them set aside for those making no more than 60% of the Dane County median income, or $62,280 for a household of three. The proposed funding awards are intended to assist the developers in securing federal and state low-income tax credits through the Wisconsin Housing and Economic Development Authority (WHEDA). The Community Development Block Grant Committee will consider the staff recommendations and final approval by the city council is expected on Dec. 6. Projects recommended for the funding are: 

  • Up to $3.5 million to St. John’s Lutheran Church/Urban Land Interest, 322 E. Washington Ave., for a 10-story, 16,000-square-foot project that includes 130 units; 108 would be low-cost units;
  • Up to $2.95 million to Wisconsin Housing Preservation Corp, 3401 E. Washington Ave., for multiple buildings ranging from two to five stories that include 245 housing units; 161 would be low-cost units; and
  • Up to $2.5 million to Northpointe Development/Dreamlane Real Estate, 6706–14 Odana Road, for a four-story 4,792-square-foot project that includes 124 housing units; 75 are low cost.