Two development teams are vying to build affordable housing that includes units set aside for youth aging out of the foster care system, according to the Wisconsin State Journal. Supportive services would be available on-site.
Madison’s JW Realty and Investments is proposing a $14 million, 43-unit, five-story project with studio, one-bedroom, and two-bedroom apartments as well as 19 underground parking stalls. Fifteen units would be set aside for people ages 18–24 who will receive supportive services.
Watersview Investments Group of Milwaukee and nonprofit Youthful Savings, with offices in Madison and five other cities, wants to build 33 units in a $11.9 million, five-story building with surface parking for 17 vehicles. Eight units would be set aside for youth getting supportive services.
The units would be constructed on the empty lot at 1202 S. Park St., which totals around a third of an acre. The site was the longtime home of Mayland Printing and was purchased by the city for $640,000 in 2017.
Individuals or families qualifying for units would generally need to make between 30–60% of the area median income and would pay rents between around $600–$1,600 per month. The chosen developer will be eligible for up to $2 million of the city’s federal pandemic relief funds; can apply for federal affordable housing tax credits; and can also bargain with the city to obtain the land for free.
City staff are expected to recommend one of the development teams ahead of next month’s Community Development Block Grant Committee meeting; the committee will then make its own recommendation. Ultimately, the City Council would need to OK the project, likely by the end of this year. Construction could begin at the latest by mid-2025.
