MADISON, Wis. — The Dane Workforce Housing Fund continues to build around Dane County and has a fresh $1 million donation from the University of Wisconsin Hospitals and Clinics Authority Board to keep the construction going.
The goal of the fund is to fill a gap in financing to help developers offer some of their apartments at affordable rents. The fund targets housing for people making between 50 and 80 percent of the Dane County median income, said Manager of the housing fund Lorrie Heinemann.
“These tend to be working families, but they find it very expensive to live here in the Madison area,” Heinemann said.
The fund has raised $11.8 million by the end of 2023 with contributions from 14 investors, which will lead to the building of 747 new housing units. Heinemann said 463 units are completed, 39 are under construction, and 245 are set to break ground in 2024. The units are typically efficiencies, 1 bedroom, and two bedroom apartments, with some three bedroom units.
“These properties have to be created in Dane County because these employers that are located in Dane County, want to see a shorter commute,” Heinemann said. “It’s less costly, if you can live closer to your job, you’re more available to the employer, you’re more available to your family if you can live closer to work. And so that was a major key component.”