Almost $450,000 awarded to redevelop property on Madison’s north side
MADISON, Wis. (WMTV) - A southwestern Wisconsin organization is receiving close to a half-million dollars in grants Thursday to assist in redeveloping Madison property into housing units.
Southwestern Wisconsin Community Action Program will use the $448,000 to redevelop two parcels of land on Madison’s north side into multi-family housing units.
The projects are expected to be complete by June of 2022 and will have 70 housing units between the two buildings.
Secretary and CEO of the Wisconsin Economic Development Corporation, Missy Hughes, explained the Brownfields Grant comes from the WEDC’s efforts to support infrastructure projects.
“This project will not only create affordable housing in Madison but will support the community’s economic health and quality of life going forward,” stated Hughes.
One of the buildings will have 64 apartments for senior citizens, while the second building will have six townhouse units that are not restricted by age. Both will be financed with assistance through the Wisconsin Economic Development Authority’s low-income housing tax credits.
Fourteen of the units will have rents at or below 30% of Dane County’s median income, 28 will have rent at 50% or below, seven will have rents at 60% or below and 21 will have rents at the market rate.
The buildings will also feature a heated, underground garage.
The project already has a total investment of nearly $17 million, the WEDC adds.
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