Madison committee recommends nonprofits, cooperatives for affordable housing funds


Madison committee recommends nonprofits, cooperatives for affordable housing funds
Acting on a 2021 city budget initiative aimed at expanding affordable housing, Madison’s Finance Committee recommended on Monday funding 10 nonprofits and cooperatives. This is the first time the city is funding entities outside of developers seeking Wisconsin Housing & Economic Development Authority (WHEDA) tax credits. Committee members voted unanimously on the consent agenda to award up to $1.7 million in affordable housing development loans and up to $1.36 million to support four housing services programs. Mayor Satya Rhodes-Conway said after the meeting that it’s “exciting that we are moving forward and moving beyond just supporting tax credit projects,” while noting the importance of those projects in creating new affordable housing units.... ...more

- - Volume: 9 - WEEK: 7 Date: 2/11/2021 10:59:53 AM -

Acting on a 2021 city budget initiative aimed at expanding affordable housing, Madison’s Finance Committee recommended on Monday funding 10 nonprofits and cooperatives.

This is the first time the city is funding entities outside of developers seeking Wisconsin Housing & Economic Development Authority (WHEDA) tax credits. Committee members voted unanimously on the consent agenda to award up to $1.7 million in affordable housing development loans and up to $1.36 million to support four housing services programs.

Mayor Satya Rhodes-Conway said after the meeting that it’s “exciting that we are moving forward and moving beyond just supporting tax credit projects,” while noting the importance of those projects in creating new affordable housing units....

...more