Contact: Brenda Levin
Wisconsin Housing Preservation Corp.
1-608-480-2419
WHPC to Deliver 245 Apartments in High-Demand Madison Neighborhood
Madison, WI, February 14, 2024 – Wisconsin Housing Preservation Corp. (WHPC), a leader in the preservation and development of quality affordable housing for low- to moderate-income populations, held a groundbreaking ceremony on January 25 for Rise Madison affordable apartments on Madison’s East Side.
Dignitaries and speakers attending the groundbreaking ceremony included City of Madison Mayor Satya Rhodes-Conway; Brenda Champy, Executive Vice President of CREA; Amani Latimer Burris, City of Madison Alder, District 12; financial partners; and key WHPC executives.
The $82.3 million, 245-unit Rise Madison development began construction in December on the 6.5-acre site of the former Bimbo Bakery, a 130,000 square foot manufacturing facility, which had been vacant since 2019. The development is located at the intersection of East Washington and North Fair Oaks Avenues within the Hawthorne neighborhood.
Rise Madison is the largest 100% affordable housing community in Madison and is the culmination of a strategic partnership between WHPC and the City of Madison. This transformational project addresses the city’s critical shortage of workforce housing by creating a high-quality, professionally managed affordable community designed to meet the needs of individuals, families, and seniors.
“It takes strong management and making sure we have a local connection to the management,” said WHPC President Mary Wright. “[WHPC’s office is] about three miles away from the site, so we’re going to be on top of it. As a team we want to make sure we have additional resources available for the security of our residents and to provide a safe, quality living environment.”
“The Rise Madison project brings needed affordable housing to a site well served by transit and connected to local schools and colleges,” said Madison Mayor Satya Rhodes-Conway. “With the help of City affordable housing funds and tax increment financing, we were able to help create 245 quality affordable apartments, including several larger, family units which are in high demand in Madison. This is a great example of how the city and the private sector can work together for the benefit of the community.”
“Rents are rising, the cost of owning a home is rising, and people don’t want to be displaced,” said Madison Alder Amani Latimer Burris. “They want to be able to live and work in the city they love, so this is going to be one of those things that makes it happen.”
Rise Madison will be the primary increment generator for a new City of Madison Tax Incremental District, which awarded $2.35 million in tax incremental financing (TIF) to cover the project funding gap and incorporate sound mitigation measures. The City also awarded $3.5 million from its Affordable Housing Fund to assist in covering these higher project costs. Innovative construction techniques at Rise will help address noise from F-35 fighter jets at Truax Field.
“Our commitment to incorporate sound mitigation measures allowed this development to move forward,” said Mike Slavish, WHPC Chief Operating Officer. “We knew the costs for these improvements were above and beyond what code required. Our challenge was finding a way to fund these upgrades. It was important to the WHPC team, elected officials, stakeholders, and the community in creating a healthy living environment for our residents.”
The Rise Madison development will provide a mix of one-, two- and three-bedroom apartments within four buildings. Plans include two-story, three-bedroom townhomes with individual entrances, a three-story building with an elevator for seniors aged 55 years and older, and two five-story buildings. The five-story building facing East Washington Avenue will include approximately 5,000 square feet of commercial space. Rise Madison will also feature approximately 1.5 acres of park space to complement the existing Hawthorne School open space to the south of the site and extend green space within the Rise community for residents to enjoy.
WHPC expects Rise Madison construction to be completed in three phases through October 2025. Two of the four buildings will be ready for resident move-in by March 2025 with pre-leasing to begin in late 2024.
WHPC was awarded 4% federal Low-Income Housing Tax Credits in fall 2023 through the Wisconsin Housing and Economic Development Authority. These credits will be purchased by tax credit syndicator CREA of Indianapolis. Other funding sources include a permanent loan funded through tax-exempt bonds from Associated Bank and Johnson Bank, City of Madison Affordable Housing Fund, City of Madison TIF, WHPC Capital Magnet Fund, WHPC’s own investment, Dane Workforce Housing Fund, and a Wisconsin Economic Development Corporation Brownfield Grant.
About Wisconsin Housing Preservation Corp.
Wisconsin Housing Preservation Corp. (WHPC) is a private 501(c)(3) nonprofit organization and a prominent leader in the affordable housing industry. Its mission is to preserve, provide, and protect affordable housing for the most vulnerable low- and moderate-income populations in Wisconsin. It believes housing is a basic right and the first step in building a better life for the people it serves.
Since 2002, WHPC has acquired, developed, and renovated over 230 affordable rental housing developments representing more than 8,500 family and senior units in 57 counties throughout Wisconsin, the majority of which provide Section 8 rental subsidy for residents who have an average income of about $13,000 per year. Today, WHPC is a $610 million affordable housing provider with annual revenues of $104 million and net worth more than $190 million. Standard and Poor awarded WHPC with an AA- rating, asserting WHPC has “strong overall management and a strategic plan that supports the corporation’s mission to provide quality low-income housing.” WHPC has invested over $150 million in private equity for some of the largest investment entities in the country, including Boston Financial, RBC, Richman Group, Cinnaire, NEF, CREA, Advantage Capital, Sugar Creek Capital, and BMO Harris, all of whom trust WHPC for skilled real estate closing and refined financial management.
As WHPC continues to grow its presence in Wisconsin, it will work with its valued partners and, most importantly, its residents, to meet the challenge of helping communities provide affordable housing worthy to be called “home.” To learn more, visit whpc.com.
