Five affordable housing projects are slated to receive funding from Dane County this year. If approved by the Dane County Board next week, these five projects will receive money from the Dane County Affordable Housing Development Fund in an amount totaling $4.45 million.
Taylor Point Apartments, a planned 51-unit building at 4845 Taylor Road and 4900 Larson Beach Road in McFarland, will receive $608,341. The proposed project includes 23 one-bedroom, 18 two-bedroom and 10 three-bedroom units. Forty-eight of the units will be affordable and three units will be offered at market-rate rents.
Common Wealth Development, Inc. will receive $154,858 for an 11-unit project at 5802 Raymond Road in Madison.
Northpointe will receive $1,250,000 for its project named The Limerick in Fitchburg. The Limerick is a 125-unit project that will include all affordable housing units, with 100 units targeted to seniors. Northpointe will also receive $1,150,000 for The Klassik, a 79-unit project at 410 W. Verona Road in Verona. Sixty-four of those units will be affordable units.
Gorman & Company will receive $1,286,801 for the 75-unit Cambridge Artists Loft project located at Katie Court and Kenseth Way in Cambridge. All 75 of those units will be affordable to households making 30% to 80% of the county’s median income.
“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,” Dane County Executive Joe Parisi said in a press release on Thursday. “We know housing affordability is one of the greatest challenges every community will face as this pandemic continues.”
Dane County used requests for proposals in order to determine which projects would be eligible. The RFP encouraged developers to consider the use of renewable energy in their projects.
Taylor Point Apartments would be the first Low-Income Housing Tax Credit (LIHTC) affordable housing development project in McFarland since 1995 and The Klassik would be the first LIHTC development project in Verona since 2002, while the Cambridge development would be the first LIHTC project ever in Cambridge.
Overall, the funding would enable the construction of 323 affordable living units if approved at next Thursday’s convening of the Dane County Board.
Since Dane County’s Affordable Housing Development Fund was created in 2015, the County has awarded over $15.8 million to affordable housing projects with 51% of those going towards projects in the City of Madison.