The Madison City Council approved contributing $5.75 million to projects that would include 208 lower-cost units, according to a Wisconsin State Journal report. Funding for three projects to build a total of 252 units will come from the Affordable Housing Fund. The combined cost of the projects is $64.3 million. The funding will also help developers secure federal low-income housing tax credits. Most of the housing will be available for people making no more than 60% of Dane County’s median income — $55,680 for a family of three. Projects awarded are:
- $1.85 million for Gorman & Co. to convert Madison Plaza Hotel, 3841 E. Washington Ave., into housing with all 105 units for those with lower incomes;
- $2.3 million for MSP Real Estate to build 79 units, including 62 lower-cost units, at 2208 University Ave.; and
- $1.6 million for Odessa Affordable Housing to construct 68 units, including 41 lower-cost ones, at 1802-1818 Packers Ave. and 2102 Schlimgen Ave.
