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City supports 4 affordable rental housing developments

In Business Madison
By In Business Madison
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Four affordable rental housing developments will receive financial support from the city of Madison after the Common Council approved the funding during its meeting on Tuesday, Oct. 29.

Six developers submitted requests in response to the 2024–25 Affordable Rental Housing Development Non-Tax Credit Request for Proposals (RFP), which offered assistance to affordable rental housing developments that are not utilizing Federal Low-Income Housing Tax Credits. The goal of the Non-Tax Credit Affordable Housing Fund program is to offer support for different types of affordable housing development and preservation than those that typically receive tax credits.

The Council approved staff recommendations to offer funding to four of the six proposals, with $2,771,000 to be drawn from the city’s Affordable Housing Fund and $2,750,000 from Tax Increment Financing. The awards include:

  • Up to $622,000 to Catalyst 4 Change LLC to rehabilitate and add units at a property on Milwaukee Street;

  • Up to $2,750,000 to Hispanic Housing Development Corp. to rehabilitate and maintain long-term affordability of soon-to-expire affordable housing at Parker Place Apartments in south Madison;

  • Up to $1,500,000 to Repvblik Madison Apartments to help rehabilitate units at The Point on Washington Apartments located on East Washington Avenue; and

  • Up to $649,000 to Sunny Side Development and Red Pine Coop Inc. to acquire and rehabilitate the Red Pine Housing Cooperative on the city’s near east side.

Together, these projects will add or preserve a total of 152 income- and rent-restricted rental units for low- to moderate-income Madison families. The award of city funds for these projects is contingent on the developers assembling all other financing needed to complete the projects and meeting other city land use and related requirements.

A separate RFP was issued for affordable housing developments seeking to use city Affordable Housing Fund awards to leverage additional support through tax credits. The Common Council will make decisions about awarding funds to those proposals at a later date.

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