A new affordable housing apartment building could be coming to Cottage Grove.
The Cottage Grove Village Board approved a general development plan for Glen Grove Apartments, an affordable housing complex.
Movin’ Out, a Wisconsin-based non-profit group, presented its plans for the 100-unit complex to the board last week. The units in the building would serve a mix of incomes between 30 and 80% of the area median income in Dane County.
That converts to an annual salary of about $21,000 per year to $56,000 per year for one person and slightly more for larger families.
Megan Schuetz, a real estate developer with Movin’ Out, said housing of this type can benefit people in many professions.
“Our goal is when someone walks in the door, we have a unit that fits their needs,” she said.
Schuetz also emphasized the need for this type of housing in Cottage Grove, telling the board that in all of Cottage Grove, there is a 1.3% vacancy rate.
“Housing is truly the root of everyone’s success,” she said. “Healthy, safe, affordable housing, if you don’t have that, the ability to succeed in other areas is greatly minimized.”
According to the Dane County Housing Needs Assessment from 2019, jobs in Dane County grew at a rate of 1.7% per year from 2010 to 2017, but housing units grew at a rate of 1.1% per year. On the other hand, rents have grown 2.3% per year on an average annualized basis.
Schuetz added that Movin’ Out is looking into tax increment financing requests and have had some conversations with village staff, but that application is not finalized at this time.
The project would also make use of tax credits through the Wisconsin Housing and Economic Development Authority.
A total of 20 units in the building would be reserved for households where a family member has a permanent disability.
According to Schuetz’s presentation to the board, the building would offer 194 Parking spaces, a community room, fitness center, green space and all units would meet or exceed code requirements for accessibility.
A couple of board members had questions about the parking space totals. Schuetz said that in affordable housing units, the parking spot to unit number is often lower.
Cottage Grove Village Administrator Matt Giese emphasized that Glen Grove still has a couple of steps to complete before final village approval, and the village does not have an approximate completion date for the project.