The Madison City Council voted to approve $14 million from the Affordable Housing Fund to support the construction of about 425 new rental homes across Madison.
Of those, 260 would offer permanent affordability to lower-income households.
There are four projects being funded. The United Residences Senior Apartments will cost up to $600,000 and includes 24 units. The Yellowstone Senior Apartments, containing 130 units, will receive up to $5,613,000.
Ridgeway Senior Apartments, containing 91 units, will receive up to $5,250,000. And Fair Oaks Apartments will receive up to $2,500,000 and include 177 units.
Last year, Madison awarded a total of $9.85 million in Affordable Housing Fund loans to four projects proposing to add 270 new homes, 167 of them for people making up to 60% of the Area Median Income.
