WEDC investment to help fund redevelopment of two parcels
MADISON, WI. JUNE 10, 2021 – The Southwestern Wisconsin Community Action Program Inc. (SWCAP) is receiving a $448,000 state grant to assist in property redevelopment located on Madison’s north side.
The Brownfields Grant from the Wisconsin Economic Development Corporation (WEDC) will support the SWCAP in redeveloping two parcels into multi-family housing units.
“WEDC is committed to supporting programs throughout the state that invest in quality infrastructure and services for the community,” said Missy Hughes, secretary and CEO of WEDC. “This project will not only create affordable housing in Madison but will support the community’s economic health and quality of life going forward.”
SWCAP is working with Madisonian Development LLC for the project, which is expected to be completed in June of 2022. Between the two buildings, 70 units of multi-family housing are planned. The project has a total capital investment of almost $17 million.
One building will be a four-story structure with 64 apartments for senior citizens. The second building will contain six two-story townhouse units (with three bedrooms each) that are not age restricted. Both buildings will be financed with the assistance of Low-Income Housing Tax Credits administered by the Wisconsin Economic Development Authority (WHEDA).
The housing units will have rents targeted in relation to the Dane County area median income. Of the units created, 14 will have rents targeted at or below 30% of the median income, 28 will have rents targeted at or below 50% of the median income, seven will have rents targeted at or below 60% of the median income, and 21 will have rents at market rate.
An underground, heated parking garage is also planned to be constructed, with 71 parking spaces across the 1.37-acre property. The buildings will have a contemporary, Prairie-style design.
The property currently holds a vacant lot and small commercial building. Site improvements include demolition and removal of the existing building and pavement, excavation for the underground parking, excavation for the remaining area of the site for subgrade preparation, construction of the new buildings, pavement and landscaping covering the entire property.
“Our community’s affordable housing crisis demands creative solutions, and I applaud the Southwestern Wisconsin Community Action Program for this proposed development,” said state Sen. Kelda Roys. “This proposal will increase urban density and create dozens of new affordable housing units, including units for low income residents, in a thriving, vibrant, Northside Madison neighborhood.”
“With rising incoming inequality and gentrification in our city, this action to help tackle our housing crisis from WEDC is welcome and necessary,” said state Rep. Francesca Hong. “We must continue to find comprehensive solutions and not just solidarity in making the housing market equitable, affordable to the most marginalized and sustainable for our future generations.”
SWCAP was incorporated in 1966 in Dodgeville as a private nonprofit organization. SWCAP operates a variety of state and federal programs to assist low-income individuals and families in becoming self-sufficient and to help communities grow and prosper. The organization provides services in the critical areas of housing, energy, food, early childhood and adult education, health care and transportation. SWCAP primarily serves Grant, Green, Iowa, Lafayette and Richland counties, with some services extending into bordering counties. Madisonian Development LLC was founded in 2019 for the purpose of this redevelopment project.