By james art MADISON, Wis. (WMTV) – The City of Madison will support 152 affordable housing units in four rental complexes after the Common Council approved funding Tuesday.
Six developers have applied for a non-tax credit for affordable rental housing development for 2024-25. Officials said the program supports affordable housing projects that do not use federal low-income tax credits.
The Department of Planning, Community and Economic Development considered factors such as feasibility, compliance with city plans and whether the proposals provide safe and appropriate housing for lower-income households.
The Common Council approved staff recommendations to offer funding for four of the six proposals. Officials said about $2.77 million will be drawn from the city’s Affordable Housing Fund and about $2.75 million from tax increment financing.
Prizes include:
- Up to $622,000 to Catalyst 4 Change LLC to restore and add units to property on Milwaukee Street
- Up to $2.75 million to the Hispanic Housing Development Corporation to restore and maintain long-term affordability of expiring affordable housing at Parker Place Apartments in South Madison
- Up to $1.5 million to Repvblik Madison Apartments to help restore units at The Point on Washington Apartments on East Washington Avenue
- Up to $649,000 of Sunny Side Development and Red Pine Coop, Inc. to acquire and rehabilitate the Red Pine apartment complex on the near east side of the city
City officials said funding for the projects is dependent on the developers putting together any remaining financing needed to complete the projects and meet city land use requirements.
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