A proposed Bear Tree Farms West residential development project will be getting support from the county according to an announcement released on Thursday.
The MWF Properties project planned for the area north of 6639 Pederson Crossing Boulevard is set to receive $1.2 million in Dane County funding to support development of a 100-unit building for affordable housing that, according to the current plan, would accompany proposed condos and single-family homes.
The 100 units are planned to include 60 one-bedroom, 20 two-bedroom, and 20 three-bedroom units. One unit is planned to be affordable for a person at 30% County Median Income (CMI), 20 units at 50% CMI, and 79 units at 60% CMI.
Developers are also planning to submit a 4% tax credit application to the Wisconsin Housing and Economic Development Authority by early 2022.
Dane County Executive Joe Parisi made the announcement on Sept. 23 that the county will award over $8.2 million to support seven affordable housing project throughout the county, including the Pederson Crossing development.
The projects will receive dollars from the Dane County Affordable Housing Development Fund, pending approval from the Dane County Board. This funding will be used to create 465 new affordable housing units, including 189 units in the City of Madison, and 276 units in the communities of DeForest, Monona, Oregon, and Sun Prairie. Dane County’s Affordable Housing Development Fund was originally created in the 2015 budget and establishes a source of funding to assist in the creation of affordable housing in Dane County.
“The COVID-19 pandemic has compounded challenges to develop affordable housing, but Dane County is committed to being part of the solution,” said County Executive Parisi. “By partnering together and creating more affordable housing in our community, we can increase opportunity for all of Dane County’s residents. We are excited to invest in these projects through the Affordable Housing Development Fund and form partnerships that bring more affordable housing to the Dane County community.”
The Dane County Affordable Housing Development Fund has committed $25,707,792 to affordable housing projects since its inception, including the 2021 award recommendations. 43% of funds have gone to projects inside of Madison, and 57% have gone to projects outside Madison.
Total units projected to be created are 2,038, with 1,837 (90.1%) of those units being affordable.