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Community Development

2025 Affordable Rental Housing Development: Tax Credit RFP

Purpose

The intent of this solicitation is to increase the supply of income- and rent-restricted housing opportunities for lower-income (up to 60% of Area Median Income) households in Madison, with the expectation that funded developments will serve extremely-low income (30% AMI) households and targeted populations, in close partnership with service providers.

Program funds are only available for projects that will utilize Low-Income Housing Tax Credits administered by the Wisconsin Housing and Economic Development Authority. This RFP provides gap financing to help cover the difference between total development costs and the amount that can be secured from other available sources. 

Process Overview

  1. Review RFP Guidelines and Resources

    Please read the RFP Guidelines and all Attachments carefully before completing your Rental Housing Development Application.  The target area map and contract requirements are included for your information.

  2. Pre-Application Process

    Applicants are required to contact Community Development Division staff by August 14th to notify of the intent to apply.

    To discuss a potential proposal, contact Matt Frater, AICP, Community Development Specialist at mfrater@cityofmadison.com.

    The Community Development Division will coordinate a pre-application meeting with staff from Planning and Zoning Divisions to discuss site selection, zoning, and land use approval processes. When scheduling a meeting, please indicate that the meeting will be about a proposed project applying through the AHF-TC Request for Proposals.

  3. Attend or Watch Workshop

    The Community Development Division held an Application Workshop for developers interested submitting proposal(s) to this RFP on July 24th from 2:30 – 4:00p. Staff provided an overview of the AHF-TC RFP, the Affordable Housing Targeted Area Map, and key requirements and preferences including long-term affordability, Integrated Supportive Housing, and Sustainability.

    A recording of the workshop and slides are linked below.

  4. Review the Timeline

    Dates represent the CDD’s anticipated timeline for providing a commitment of financing to selected projects. Any revision to the due date for submission of proposals will be made by addendum. All other dates are for planning purposes and may be adjusted without notice.

    DateRFP Activity
    July 18, 2025RFP Released
    July 24, 2025RFP Application Workshop 
    (Registration on RFP Website)
    August 14, 2025Deadline for Making Initial Staff Contact
    August 28, 2025 12PMDEADLINE FOR SUBMITTING PROPOSALS
    August 28, 2025Deadline to Contact Common Council Office to Schedule Neighborhood Meeting
    September 18, 2025

    – Deadline to meet with Development Assistance Team (DAT)

    – Deadline to hold Neighborhood Meeting

    September 19, 2025CDD sends requests for Supplemental Application information
    September 26, 2025Applicants to submit Supplemental Application
    Week of Sept. 29, 2025Applicant Presentations to Staff
    October 9, 2025

    Applicant Presentations to CDBG Committee

    (in person at Madison Municipal Building)

    November 25, 2025Staff funding recommendations submitted to Common Council
    December 4, 2025CDBG Committee reviews and acts on Staff funding recommendations
    December 5, 2025WHEDA Project Concept Submission
    December 8, 2025City Finance Committee considers funding recommendations
    December 9, 2025Common Council makes final funding decisions

    December 2025 -

    January 2026

    – Commitment Letters (Notification of Award) sent

    – Term Sheet Development

    December 2025 -

    January 2026

    		Deadline for full Land Use Application for all projects (or earlier if required by WHEDA). Final deadline will be communicated to proposers once 2026 Development Review Schedule is published
    March 20, 2026Full WHEDA Application Submission
    Mid 2026 - Mid 2027

    Anticipated contract effective date(s)/

    Start of Construction

  5. Fill out and Submit the Application

    Applications MUST be received by 12:00 pm CST (noon) on August 28, 2025.

    Proposals must be submitted to: CDDapplications@cityofmadison.com

    All proposals must be submitted electronically.

    Please download the Application and Budget Workbook below, and submit only the documents listed in Attachment G: Proposal Submission Requirements.

    Proposals received after the deadline will not be accepted.

    You will receive a confirmation email once you have submitted your application(s). These email notifications are not auto-generated, so allow time for confirmation to be sent.

  6. Submitted Applications Summary

    2025 Proposals Received Summary

    The following applications will be considered for funding: 

    DreamLane Real Estate - United Residences Senior
    MSP Real Estate - Yellowstone Apartments Senior
    Volker Development - Fair Oaks Apartments
    Volker Development - Ridgeway Senior
    WashFranklin, LLC - 1 S. Franklin Apartments

     

    PreservingUS, Inc. - The Presley - withdrawn
    Common Wealth Development - Falconer - withdrawn
    Volker Development - Grand Teton Apartments - withdrawn

  7. Funding Award Recommendations

    To be posted once funding award recommendations are made.

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