Two development teams are competing to build affordable housing on an empty lot in Madison, Wisconsin's South Park Street neighborhood. The proposed project includes up to 43 units, with a focus on providing housing for young adults aging out of the foster care system, along with supportive services.
JW Realty and Investments has proposed a $14 million, 43-unit project, while Watersview Investments Group and Youthful Savings aim to build 33 units with surface parking for 17 vehicles at a cost of $11.9 million. Both proposed projects include units for youth aging out of foster care, the Wisconsin State Journal reports. City staff will recommend one of the teams for approval, with construction expected to begin by mid-2025.
During a city Community Development Block Grant Committee meeting last week, project partner JustDane said youth would benefit from the agency’s connections in the community.
“They’re going to leave the program at 24 and they have a social system, they have a peer group, they have a support network within the community,” said JustDane executive director Linda Ketcham. Other partners in the project include Lutheran Social Services and The Road Home, a Madison agency serving the homeless.
Advertisement
Related Stories
Market Data + Trends
Data Show New-Home Construction Starts Slowed at the End of 2023
Despite falling mortgage rates and a continuing shortage of housing inventory, the annual pace of new-home construction slowed in December
Housing Markets
Top 10 Metros for New Homes in 2024
Punta Gorda, Fla., and Myrtle Beach, S.C., top the list of places where new-home construction is booming
New-Construction Projects
US Housing Starts See Unexpected Surge in November
Census Bureau data show new-home construction was up 14.8% in November, suggesting the housing crunch may be easing
