In a bid to keep pace with regional population growth, the city of Madison set an ambitious goal in 2021 to create 15,000 new homes by 2030 – with a quarter of those homes staying below market rate long term.
Matt Wachter, Planning, Community, and Economic Development director for the city, joined the Plan Commission Tuesday to explain how the city creates new affordable units.
“Through tax incremental financing, and the affordable housing fund. So these primarily fund tax credit developments that you see, but also smaller things that we do. And then land banking is a tool where we buy land to set aside for affordable housing development. And then the CDA is the housing authority and redevelopment authority and they are a part of this department, so they own, operate, and develop housing,” said Wachter. “Oftentimes, when we do something really hard it requires that we use all of these tools stacked on top of each other.”…