Mayor Cites IZ Progress - First Development Sells Out of IZ Units
Fri, 02/10/2006 - 2:57am
Madison – Mayor Dave Cieslewicz announced today that the Livingston Condominium development on Madison’s near east side has completely sold out of its Inclusionary Zoning (IZ) units, showing that the city’s affordable housing law is working well. All six of the Livingston’s IZ units now have accepted offers.
“Inclusionary Zoning is one of many tools the city is using to tackle the housing affordability issue,” said Cieslewicz. “Today’s news shows that IZ is helping to put home ownership in reach for Madisonians of average means. We need to continue to improve IZ as we gain more experience with it, but the bottom line is that the ordinance is working: IZ units are being built, and people are buying them.”
Cieslewicz was joined at the event by two individuals who are purchasing IZ units at the Livingston. Kyna Ganshert, an employee at a Madison software firm, and Warren Schwab, a teacher. Ganshert and Schwab both talked about how IZ is helping them build equity and own a home in the City of Madison.
Also speaking at the event were Sheridan Glen of First Weber Realty, and Marianne Morton of Common Wealth Development, to discuss the unique private/non-profit partnership that led to the IZ unit sell-out for the Livingston project.
A recently-released study showed that IZ is being more successful than anticipated in producing affordable housing units. Prior to passage of the ordinance, it was hoped that 200 – 300 IZ units would be approved in the law’s first year. The actual number of approved units turned out to be 311, in locations ranging from Madison’s downtown to the periphery.
The study also showed that there are several areas in which IZ could be further improved, and Cieslewicz is leading an inclusive effort to address those areas.
- George Twigg, 608-266-4611