After receiving $780,000 in affordable housing tax credits from WHEDA, co-developers Stone House Development and Movin’ Out Madison will leverage more than $7 million in private financing for Dempsey Place, an $11.7 million, 70-unit multifamily rental housing project on two acres of the former Royster-Clark fertilizer plant property on Cottage Grove Road. The City of Madison’s Affordable Housing Trust Fund, HOME funds, and a TIF allocation provided another $1 million, and BMO Harris and the Federal Home Loan Bank of Chicago contributed $420,000 toward the project.
Dempsey Place is part of Royster Crossing, a 27-acre property being redeveloped into commercial, rental, and residential properties by Ruedebusch Development. It will provide affordable housing options, with some units geared to support accessibility needs for tenants and veterans with disabilities. Units could be available by August 2015.
