Madison targets $3.1 million to nonprofits, cooperatives for housing initiatives

Nine nonprofits and cooperatives are in line to share $3.1 million in city affordable housing and federal funds to help lower-income people secure, fix and maintain housing, Madison Community Development Division staff say.

It’s the first time the city will provide nonprofits and cooperatives access to the city’s Affordable Housing Fund without also requiring them to seek federal Low-Income Housing Tax Credits. Money from the fund, budgeted at more than $6 million for 2021, has been used mainly to help for-profit developers secure federal tax credits that usually cover more than half the cost of projects and allow them to charge lower rents...

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- - Volume: 9 - WEEK: 6 Date: 2/5/2021 9:19:18 AM -