Thrive Economic Development (ThriveED) has announced the launch of the Live Local Development Fund (LLDF), an initiative aimed at promoting housing development and fostering vibrant communities across Greater Jefferson County.
The LLDF, which will be administered by ThriveED, marks a pivotal step toward addressing a lack of available and affordable housing stock by incentivizing the creation of multifamily housing developments.
While the cost of housing construction in Jefferson County aligns closely with neighboring regions such as Dane County and Waukesha County, the rental income generated is comparatively lower. This gap in revenue often obstructs housing development projects in Jefferson County. Through LLDF’s strategic gap financing, the county is positioned to be on par with neighboring regions, enhancing its competitiveness and driving housing development.
The LLDF currently has $3 million available, with additional funding expected to be announced in the fall. Jefferson County has committed $1 million from the federal American Rescue Plan Act of 2021 (ARPA) to the loan fund, and the Greater Watertown Community Health Foundation has committed $2 million.
The LLDF is designed to promote housing of all types, from affordable to market rate, in the county. The fund will offer up to $25,000 per unit for a negotiated term at or below market rates. Public, private, and not-for-profit real estate developers are eligible to apply. The initial focus will be on multifamily housing developments in Greater Jefferson County, with a planned expansion to include single family housing projects in the years to come.
The first application window is now open to developers. Applications are due Sept. 15. Applicants will be notified by Sept. 29. Developers interested in applying or learning more can complete a simple inquiry form.
Employers and financial institutions interested in learning about becoming a LLDF investor can contact ThriveED President Deb Reinbold.
