Common Council to Vote on Key Affordable Housing Initiatives
The City of Madison Common Council is set to vote on a number of key spending measures related to affordable housing during its December 6th meeting. The resolutions, brought to the council by the Community Development Division (CDD), and co-sponsored by Mayor Satya Rhodes-Conway include $11.3 million in City investments in new affordable rental housing developments and $4 million more in home ownership initiatives.
"Affordable housing is a top priority for Madison. Together my administration and the Common Council have more than doubled the Affordable Housing Fund over four budgets,” said Mayor Satya Rhodes-Conway. “These investments will allow us to fund the renovation of vacant affordable housing and support about 500 units of new rental housing in Madison, 344 of which will be affordable, and also promote affordable homeownership programs for homebuyers and homeowners."
One of the resolutions seeks to award $9 million from the City’s Affordable Housing Fund to support three affordable housing projects. Mayor Rhodes-Conway’s proposal to increase the City’s commitment to the Fund to $10 million was included in the 2023 Capital Budget, recently adopted by the Common Council. The projects being offered funding include the proposed redevelopment of the former Gardner Bakery site on East Washington Avenue, the redevelopment of St. John’s Lutheran Church near the Capitol Square, and the Merchant Place redevelopment on Odana Road on the City’s west side. The projects, selected through a competitive Request for Proposals (RFP) process will add about 500 new rental units, with 344 being affordable. The Gardner Bakery redevelopment is also seeking an award of Tax Increment Financing which Council will consider as well on December 6th. The developments are contingent upon securing federal low-income housing tax credits administered by the Wisconsin Housing and Economic Development Authority.
The second resolution, the 2022 Housing Forward: Homeownership initiative, seeks to commit about $4 million of City and Federal Funds to nine local organizations in support of the development of affordable homeownership programs for homebuyers and homeowners. The resolution includes:
- $1 million to help eligible households purchase their own homes
- Support for financial literacy and homebuyer education initiatives
- Funding to help develop and make affordable 15 owner occupied housing units
- Resources to help eligible home owners pay for needed repairs
“While much attention is paid to the City’s efforts to expand rental housing opportunities, we also understand the great need to help Madison homeowners repair and stay in their homes. We value our partnership with nonprofit organizations like Project Home and Habitat for Humanity which support homeownership programs for City residents,” said Community Development Division Director, Jim O’Keefe.
- Liz Stanislawski, (608) 261-5567, email@example.com