MADISON, Wis. — A new fund aims to build a long-term housing strategy to create and sustain more workforce housing units in Dane County and keep them affordable for at least 15 years.
The Economic Stability Council, a group made up of local employees and funders, has exceeded its goal of raising $10 million for the Dane Workforce Housing Fund.
The total raise is $11.8 million.
The fund will help the community address the so-called “missing middle,” which they call working adults who cannot afford to live here and aren’t eligible for assistance because they make between 40-80% of the area’s median income.
The first project the fund is support is a 39-unit, 100% affordable housing structure located on University Avenue in Middleton.
Madison Mayor Satya Rhodes-Conway said the city’s new budget showed a $6 million investment in affordable housing in 2021, and that the city is planning to invest over $50 million in affordable housing over the next six years.
“We need to match that commitment in all sectors because the city can’t do it on our own,” Rhodes-Conway said. “That’s what’s exciting about today. It’s that we’re bringing more people into the fold to help work on our affordable housing crisis.”
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