Dane County officials plan to contribute $1 million toward an affordable-housing project in Madison.
If approved by the County Board at a meeting Thursday evening, the money would go to the Tree Lane project at 7933 Tree Lane in Madison. The project, with an estimated cost of $11.7 million, is to have 19 two-bedroom units, 23 three-bedroom units and three four-bedroom units.
Madison is contributing nearly $1.62 million.
“We must continue to create more affordable housing in Dane County,” Dane County Executive Joe Parisi said in a statement. “One of the consequences of the tremendous growth and private sector job creation in our community has been a lack of affordable housing. I would like to thank the city of Madison for leadership on this project.”
Most of the money for the housing project is coming from investors who, by putting money into Tree Lane, can take advantage of tax credits offered through the Wisconsin Housing and Economic Development Authority. Work on the project is being overseen by Chicago-based Heartland Development.
That company was selected for the project by Madison officials through the use of a request for proposals.
If the money for the Tree Lane project is approved Thursday, it will mark just the latest time that Dane County officials have contributed to an affordable-housing project in recent years. Every year, the Dane County Affordable Housing Development fund sets aside for $2 million for these sorts of projects for four years.