McFarland’s Taylor Point Apartments will be one of five projects across Dane County receiving money from the Dane County Affordable Housing Development Fund.
Dane County Executive Joe Parisi announced the county will award $4.45 million to help bring the affordable housing projects to reality. The projects will receive dollars from the Dane County fund, pending approval from the Dane County Board of Supervisors.
The funding will be used to create more than 323 affordable housing units in Madison, McFarland, Cambridge, Fitchburg, and Verona.
“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,” said Parisi. “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 projects being funded by Dane County this year include:
• $608,341 to MSP Real Estate Inc. 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. Forty-eight units will be affordable: 11 to households at 30%, 3 at 40%, 17 at 50%, and 17 at 60% of the County Median Income (CMI). 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.
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.
Since its 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% have gone to projects outside Madison. Of the 1,550 units that have been created, 1,374 (87.5%) of those units are considered affordable.
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.
A resolution to approve these allocations of Dane County’s Affordable Housing Development Fund was introduced to the County Board on Sept. 17.