Madison Reporter

Hundreds of proposed new income- and rent-restricted apartments in Madison will receive financial backing from the city's Community Development Division. This follows the approval of another round of Affordable Housing Fund awards by the Common Council during its meeting on November 26.

The 2024 Affordable Housing Fund-Tax Credits Request for Proposals (RFP) offered gap financing loans to development teams seeking Low-Income Housing Tax Credits from the Wisconsin Housing and Economic Development Authority (WHEDA). To qualify for city funds, applicants must secure 2025 Low-Income Housing Tax Credits from WHEDA, obtain other necessary financing, have an ownership stake in the development, allocate at least 20% of units for individuals earning 30% or less of the Area Median Income, adopt city-approved tenant selection standards, and receive all relevant city land use and permit approvals.

The Community Development Division had about $10 million available from the Affordable Housing Fund, part of the city's Capital Budget, to support this year's development proposals. The city's primary objective is to add at least 250 affordable rental housing units in Madison through this initiative—a target that was surpassed again this year.