Hundreds of proposed new income- and rent-restricted apartments will receive financial support from the City of Madison’s Community Development Division after another round of Affordable Housing Fund awards were approved by the Common Council during its meeting on Tuesday, November 26.The 2024 Affordable Housing Fund-Tax Credits Request for Proposals (RFP) competitive process offered gap financing loans for development teams that are also seeking Low-Income Housing Tax Credits from the Wisconsin Housing and Economic Development Authority (WHEDA). To receive City funds, applicants must secure 2025 Low-Income Housing Tax Credits from WHEDA and other financing needed to complete the project, have an ownership stake in the development, designate at least 20% of the units for those making 30% of the Area Median Income or less, adopt City-sanctioned tenant selection standards, and receive all relevant City land use and permit approvals...
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- - Volume: 24 - WEEK: 50 Date: 12/13/2024 12:49:14 PM -