A proposed development on the west side of Verona is in line for $1.15 million of Dane County funding for a 79-unit project, most of which are considered affordable based on legal definitions.
In a news release on Friday, Sept. 18, county executive Joe Parisi announced the county is spending $4.45 million on five affordable housing projects through the Dane County Affordable Housing Development Fund, pending approval from the Dane County Board.
The county will use the funding to create more than 323 affordable housing units in McFarland, Madison, Cambridge, Fitchburg and Verona. Northpointe will receive $1.15 million for The Klassik, a 79-unit project at 410 W Verona Road; 64 units of which will be affordable, including 37 one-bedroom, 14 two-bedroom, and 13 three-bedroom units.
The other projects set for funding this year are: $608,341 for a 51-unit apartment complex in McFarland, $154,858 for an 11-unit project in Madison, $1.29 million for a 75-unit artists loft project in Cambridge and $1.25 million for a 126-unit project in Fitchburg.
According to the Wisconsin Housing and Economic Development Authority records, The Klassik would be the first Low-Income Housing Tax Credit (LIHTC) affordable housing development project in Verona since 2002.
County executive Joe Parisi said housing affordability is one of the greatest challenges communities in Dane County will face as the COVID-19 pandemic continues.
“Now more than ever, it’s critically important we focus on partnerships like these to create more affordable housing in our community,” he said in the news release. “The county’s support for these projects is an important step in our ongoing work to make affordable housing more accessible.”
The county created the Affordable Housing Development Fund to establish a source of funding to assist in building affordable housing. The county has awarded over $15.8 million to affordable housing projects, with a 51-49 percent split between projects inside and outside Madison.
To date, 1,550 units have been created, with 1,374 (87.5%) considered affordable.