Madison has reached a tentative deal with Eminent Development Corp. and Lutheran Social Services (LSS) that would help create the city’s first-ever youth-centered affordable housing project, according to the Wisconsin State Journal. The city would sell a one-third acre, vacant site at 1202 S. Park St. for $1 and allocate $2 million in American Rescue Plan Act funding for the development of a roughly $17.2 million, five-story project with 44 units.
Eminent Development Corp. and LSS would reserve 11 units for youth aging out of the foster care system and at risk of homelessness; the remaining units would be income restricted for tenants making no more than 60% of Dane County’s median income. The developers would not be required to repay the loan from the city unless there was a change in use or sale of the property.
The resolution authorizing a purchase and sale agreement with Eminent Development and LSS will see a council decision on Tuesday.
