Cambridge is one of five area communities chosen to share $4.45 million from Dane County for affordable housing projects.
The funds will help build more than 300 affordable housing units in McFarland, Madison, Fitchburg, Verona and Cambridge, Dane County Executive Joe Parisi announced on Sept. 17.
In a release, the county said the projects will receive dollars from the Dane County Affordable Housing Development Fund, pending approval from the County Board.
Cambridge will receive $1.28 million for the 75-unit Cambridge Artists Loft project at Katie Court and Kenseth Way, to be developed by Gorman & Co..
All 75 units will be affordable to households making 30 to 80 percent of Dane County’s median income. Planned are 15 units at 30 percent, 30 units at 50 percent, 16 units at 60 percent, and 14 units at 80 percent of the county’s median income. The project includes 20 one-bedroom, 41 two-bedroom and 14 three-bedroom units. According to Wisconsin Housing and Economic Development Authority records, once complete, this will be the first Low-Income Housing Tax Credit (LIHTC) affordable housing development project in Cambridge.
Dane County’s Affordable Housing Development Fund was created in 2015 and establishes a source of funding to assist in the creation of affordable housing in Dane County.
Since the fund’s creation, Dane County has awarded over $15.8 million to affordable housing projects. Fifty-one percent of those funds have gone to projects inside Madison, and 49 percent have gone to projects outside Madison. in all, 1,550 units have been created, with 1,374 (87.5 percent) of those units being affordable.
“In the midst of the Covid-19 pandemic, now more than ever, it’s critically important we focus on partnerships like these to create more affordable housing in our community,” Parisi said in a release. “We know housing affordability is one of the greatest challenges every community will face as this pandemic continues. The county’s support for these projects is an important step in our ongoing work to make affordable housing more accessible.”
The other projects being funded by Dane County this year include:
• About $608,000 to MSP for the 51-unit Taylor Point Apartments at 4845 Taylor Road and 4900 Larson Beach Road, McFarland. The proposed project includes 51 units comprised of 23 one-bedroom, 18 two-bedroom, and 10 three-bedroom units. 48 units will be affordable: 11 to households at 30 percent, 3 at 40 percent, 17 at 50 percent, and 17 at 60 percent of Dane County’s median income. Three units will be offered at market-rate rents. According to WHEDA records, once complete, this will be the first Low-Income Housing Tax Credit (LIHTC) affordable housing development project in McFarland since 1995.
• About $154,000 to Common Wealth Development, Inc. for an 11-unit project at 5802 Raymond Road, Madison. The project is a mix of studio, one, two, and three-bedroom units. Ten will be affordable at 50 to 60 percent of the county’s median income and 1 unit will be affordable at 80 percent. This project will also offer office space to facilitate the co-location of existing community-based supportive services serving the neighborhood.
• About $1.2 million to Northpointe for a 126 affordable unit project, The Limerick, located in the Nine Springs Neighborhood in Fitchburg. All units will be affordable. The project will include 50 one-bedroom, 50 two-bedroom, and 26 three-bedrooms units. Seven units will be affordable at 30 percent, 69 units affordable at 50 percent, and 50 units affordable at 70-80 percent of the county’s median income. Another 100 units will be targeted to seniors, and 26 units will be targeted to families.
• About $1.15 million to Northpointe for The Klassik, a 79-unit project located at 410 W Verona Road, Verona. Sixty-four units will be affordable units, including 37 one-bedroom, 14 two-bedroom, and 13 three-bedroom units. Sixteen units will be affordable at 30 percent, 32 units at 50 percent, and 16 at 60 percent of the county’s median income. According to WHEDA records, once complete, this will be the first LIHTC affordable housing development project in Verona since 2002.
Dane County used a request for proposals (RFP) process to review eligible projects. The RFP encouraged developers to consider the use of renewable energy in their projects. Four of the projects receiving an award have included plans for the development and installation of a Photovoltaic System (PV) in their projects.