The Bankston Apartments, a 40-unit workforce housing development in downtown Madison, is underway.
The $11.2 million project is supported by SSM Health and the Dane Workforce Housing Fund II, LLC, with primary financing from Lake Ridge Bank. The project is being developed by the Madison Development Corporation.
The Bankston Apartments will help address Madison’s growing shortage of workforce housing downtown. They are meant to be affordable homes for middle-income workers, including firefighters, police officers, teachers, nurses and more.
“Having access to a safe, warm home is critical to the mental, emotional and physical health of every person,” Megan Timm, Wisconsin director of community health Improvement at SSM Health, said in a statement. “We are honored to support our community’s health in a new way by investing in workforce housing.”
Located at 429 W. Mifflin St., the Bankston Apartments will dedicate 30 units to households earning at or below 80% of the area median income for Dane County. The remaining 10 units will be rented at market rates.
“This project would not be possible without the support of SSM Health and the Dane Workforce Housing Fund II,” Abigail Wallhuas, vice president of finance at MDC, said in a statement. “Their investments — including a $250,000 loan from SSM Health, and a $750,000 loan from DWHF II — filled a critical financing gap we had after we secured our primary financing from Lake Ridge Bank.”
The Bankston Apartments will bring MDC’s housing portfolio to nearly 360 units.
