The Dane County Board took a step toward addressing ongoing affordable housing needs in October by funding a development in Fitchburg.
The $2 million grant to J.T. Klein will be for Fitchburg’s 133 unit Limestone Ridge Apartment development, one of six developments in Fitchburg, Madison, Mount Horeb and Cottage Grove for which the board approved funding. The apartments are located on Fitchrona Road south of McKee Road.
The money will come from the county’s Affordable Housing Development Fund, established in 2015 to help private sector real estate developers keep monthly rents low for “working families, the disabled, veterans, single parents and others struggling to make ends meet,” the release states.
The board also approved $650,000 for Ace Apartments, Cottage Grove; $1,550,00 for Glen Grove Apartments, Cottage Grove; $1,187,000 for a 111-unit project in Madison, $1,350,000 for Landsby Ridge, Mount Horeb and $450,000 for Elderberry Place, Madison.
The six projects provide 559 units of new housing, the release states, with 461 units priced for those meeting income, age or disability guidelines.
A Dane County report found residents have a severe affordable housing gap, the release states. It said thousands of residents are paying more than 30% of their incomes on housing and 33% of renters were unable to afford a two-bedroom apartment at market rates.