Dane County announced plans last Thursday to allocate $8.2 million towards the construction of several new affordable housing development projects in the Dane County area.
Funding for the project, if approved, would come from the Dane County Affordable Housing Development Fund and will be used to construct 456 new affordable housing units. Of the housing units, 189 of which will be located in Madison and 276 which will be built in DeForest, Monona, Oregon and Sun Prairie.
The decision to construct additional affordable housing in Dane County follows the release of census data in August showing that available housing has failed to keep pace with the county’s expanding population, with Dane County having a vacancy rate of just 4.2% compared to the statewide average of 11%.
In a public statement, Dane County Board Executive Joe Parisi voiced his hope that the construction of new affordable housing units will provide more economic opportunities for Dane County residents.
“By partnering together and creating more affordable housing in our community, we can increase opportunity for all of Dane County’s residents,” Parisi said. “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 housing projects receiving funding from the county include:
- $1,450,000 million to MSP Real Estate Inc. for 79 units in The Heights Apartment at 2208 University Ave. in Madison
- $1,310,000 to Lincoln Ave. Capital for 70 Units at Summit Ridge Apartments located at 4649 Verona Ave., Madison
- $640,000 to Northpointe Development II Corporation for CC Lane, a 50-unit project located at 5227 County RD CC, Oregon
- $1,260,000 to Northpointe Development II Corporation for Broadway Lofts located at 1208 E. Broadway, Monona
- $1,510,000 to Habitat for Humanity of Dane County, in conjunction with Northpointe Development II Corporation and DreamLane Real Estate Group, for Prairie Creek Senior Apartments and Townhomes, located at 1050 E. Main St., Sun Prairie
- $860,000 to Odessa Affordable Housing, LLC for Avenue Square Apartments located at 1802-1814-1818 Packers Ave. and 2102 Schlimgen Ave., Madison
- $1,256,801 to MWF Properties, LLC for Pederson Reserve, located north of 6639 Pederson Crossing Blvd., DeForest