Dane Co. to award more than $8M to local affordable housing projects

Millennial Money: Befriend Your Money And Reap The Benefits
Mark Lennihan

MADISON, Wis. — Dane County plans to award more than $8.2 million to several housing development projects in an effort to improve access to affordable housing.

The funding, which comes from the Dane County Affordable Housing Development Fund, will be used to create 465 new affordable units countywide: 189 in Madison and 276 in DeForest, Monona, Oregon, and Sun Prairie.

“The COVID-19 pandemic has compounded challenges to develop affordable housing, but Dane County is committed to being part of the solution,” County Executive Joe Parisi said. “By partnering together and creating more affordable housing in our community, we can increase opportunity for all of Dane County’s residents.”

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The number of affordable units varies by project, with some being available for 30%, 50%, and 60% of Dane County’s County Median Income. According to the U.S. Census Bureau, Dane County’s median income for 2019 was $73,893.

The following projects were chosen to receive funding:

  • $1,450,000 to MSP Real Estate, Inc. for the 79-unit The Heights Apartments at 2208 University Ave, Madison
  • $1,310,000 to Lincoln Ave Capital for the 70-unit Summit Ridge Apartments located at 4649 Verona Ave, Madison
  • $640,000 to Northpointe Development II Corporation for CC Lane, a 50-unit project located at 5227 County RD CC, Oregon
  • $1,260,000 to Northpointe Development II Corporation for Broadway Lofts located at 1208 East Broadway, Monona
  • $1,510,000 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, Sun Prairie
  • $860,000 to Odessa Affordable Housing, LLC for Avenue Square Apartments located at 1802-1814-1818 Packers Avenue & 2102 Schlimgen Avenue, Madison
  • $1,256,801 to MWF Properties, LLC for Pederson Reserve, located N of 6639 Pederson Crossing Boulevard, DeForest

A resolution to approve the latest allocations is expected to be introduced to the County Board Thursday evening.

To date, the county’s Affordable Housing Development Fund has committed more than $25 million since it was created in 2015. Roughly 43% of funds have gone to projects in Madison while 57% have gone toward projects throughout the rest of the county.

A total of 2,038 units — 1,837 of which will be affordable — are projected to be created because of funds from the county.