October 19, 2021 Madison Development Corporation proposes rebuilding Graaskamp Park on East Mifflin A development proposal is in the works that would rebuild and redesign Graaskamp Park— the state’s first fully accessible park for physically handicapped children — as well as bring an affordable workforce housing development to the downtown Madison neighborhood where it is located. Affordable workforce housing targets middle-income workers (police officers, teachers, firefighters, etc.), primarily people who fall between 40-80% of the Area Median Income. Madison Development Corporation, a local nonprofit, manages the Dane Workforce Housing Fund, which was created to help build up to 500 new affordable workforce housing units in Dane County over the next three years. MDC, which also owns and manages affordable housing units, is proposing a two-to-three story, 24-unit affordable workforce housing building that would include underground parking at 22 N. Second St. The proposal would demolish the existing building at that location, which MDC owns, and previously was occupied by Options in Community Living. Options in Community Living left the site in September and moved into a new building at 551 Grand Oak Trail. With that tenant gone, the development nonprofit is looking to add to the housing options it has constructed in the neighborhood previously. In August 2020, MDC opened the 44-unit Grasskamp Apartments. MDC also owns The Avenue, a 28-unit apartment building that connects via underground tunnel to an additional four-unit apartment building on East Mifflin Street. “Madison Development Corporation’s plan is to have a campus of affordable workforce housing projects that complement each other and provide quality affordable housing in a nice neighborhood that is close to amenities,” said Lorrie Heinemann, president and CEO of Madison Development Corporation. MDC’s project represents the type of development the city of Madison has sought to do more of. Recently, the city has made zoning code changes that would make it possible for developments of this size and scale to be constructed “by right” without having to go through lengthy approval processes. The newest MDC proposal will, however, have to go through the Plan Commission process because it is an “expansion” of the current site. James A. Grasskamp Park at 1953 E. Mifflin St. is near the proposed housing project as well as The Avenue and the Graaskamp Apartments, and Madison Development Corporation hopes to rebuild and redesign the park itself as part of this project. “MDC’s goal is to rebuild the James A. Graaskamp Park, the first universally designed, fully accessible park built in the state of Wisconsin,” Heinemann said. “We had planned to kick off a fundraising campaign in late 2019 for a 2021 rebuild. “Needless to say, the COVID-19 crisis delayed this process significantly. Also, our tenant in the commercial building on this site relocated in September which resulted in us delaying the park another year, so we could raze the old building and build the new 24-unit,” she said. Graaskamp Park opened in 1989 and was designed specifically to be accessible for children with physical handicaps and motor skills challenges. That will continue to be the theme during the rebuild. “This park would include a very expensive poured in place base so mobility challenged people of all ages can easily maneuver the park’s base without rocks/chips getting caught in their wheels (for people using wheelchairs, strollers, walkers, etc.),” Heinemann said. Madison Development Corporation will begin a fundraising campaign in January 2022 with the hope of a summer 2023 rebuild of the park. They are hoping to raise at least $150,000 in the effort. Cambridge-based Lee Recreation, which makes playground equipment, and landscape students at the University of Wisconsin, have been helping with design options, according to Heinemann. The park is named after James Graaskamp, who taught real estate at the UW, and was one of the first to discuss the concept of affordable housing. The University of Wisconsin Center for Real Estate is officially named after him as well. Nicholas Garton https://madison.com/ct/news/local/neighborhoods/madison-development-corporation-proposes-rebuilding-graaskamp-park-on-east-mifflin/article_06e14d90-667d-5e72-98c2-f0181e3fb571.html July 12, 2021 Gomez Joins MDC as VP of Lending & Investments Madison, WI – July 7, 2021, Madison Development Corporation (MDC), a non-profit organization serving the residents and businesses of Dane County since 1977, announces the appointment of Juan Gomez as Vice President of Lending & Investments. As a key member of MDC’s Executive Management Team, Gomez will oversee the Lending & Investments Division for MDC. Prior to joining MDC, Gomez served as Technology Investment Manager at Wisconsin Economic Development Corporation (WEDC) and as a Capital Finance Officer with the State’s Department Administration. He has extensive experience in economic development, public finance, and real estate. Juan holds an M.B.A. in Finance and an undergraduate degree in Economics from the University of Wisconsin-Whitewater. “We are excited to have Gomez join our team,” said Lorrie Keating Heinemann, MDC’s President & CEO. “His experience working with and lending to entrepreneurs and startups will be a great fit for MDC.” MDC Board Member Ron Trachtenberg added, “We look forward to working with Juan as part of the team to further the efforts of MDC in its efforts for economic development in Dane County”. April 8, 2021 New Dane Workforce Housing Fund fills one small piece of housing puzzle By Roberta Baumann tribnews@hngnews.com Apr 4, 2021 Workforce housing has been a discussion topic in Waunakee for several years, prompting first a Housing Task Force to undertake a nearly year-long study and the reengagement of a Community Development Authority to implement the task force’s recommendations. Along the way came a proposal to build a 50-unit workforce apartment complex on West Main Street that is still under consideration by the village board. Many municipalities struggle with the issue of providing affordable housing for workers in today’s market, and in Dane County, solving the problem has been identified as key to alleviating economic instability. After years of work by a number of Dane County key players, nearly $12 million was raised to aid in the development of workforce-housing projects in the Madison area. In May, the first project to receive funding from the Economic Stability Council will be built in the City of Middleton. Another in Fitchburg is slated for completion in 2022. Several years ago, the United Way of Dane County formed an Economic Stability Council composed of representatives from several major corporations, Dane County, the City of Madison, UW-Health and nonprofits to tackle poverty. Rich Lynch, of JH Findorff & Sons was the chair. “It was a great organization and was going to do great work, but it was one of those, ‘Gosh, are we really changing the curve here, or will we be doing the same thing in 10 years?’” Lynch remembered. When Lynch chaired the United Way’s board of directors at the time, Renee Moe, United Way’s president and CEO asked him to begin thinking about solving poverty in a new way. Lynch put a council together. It included Waunakee resident Lorrie Heinemann, president of the Madison Development Corporation, a nonprofit that owns and manages affordable housing units in the Madison area, along with representatives from CUNA Mutual, Oscar Rennebohm Foundation, MG&E, City of Madison and Dane County, Madison Community Foundation, American Family Insurance, J.H. Findorff & Son, UBS Wealth Management, UW Health and United Way. Both Heinemann and Lynch remember UW-Madison Chancellor Rebecca Blank speaking to the council and suggesting they focus on one area. “We went around and around on poverty,” Lynch said, focusing on early education, job creation and housing. The council members landed on the idea that when housing is affordable, without a burdensome cost and close to the workplace, quality of life is improved. They found that the No. 1 economic stability issue for Dane County employees is the lack of affordable housing close to work, Lynch said. The Madison Development Corporation was tasked with starting the Dane Workforce Housing Fund. Lynch reached out to major Dane County employers to invest. “The employers knew that their employees – nurses, teachers, customer service people – could not afford to live in Dane County or in the region,” Heinemann said. By Sept. 30, 2020, the fund had surpassed the $10 million goal, and in November, reached $11.8 million, to fill financing gaps developers face with workforce housing projects. The goal is to aid in the development of 500 units of workforce housing. Heinemann and two other MBAs at Madison Development Corporation vet the proposals. Heinemann noted that workforce housing targets individuals making 40 to 80 percent of the average median income. “That’s what Middleton and Madison and much of the United States is talking about, where you have a missing middle,” Heinemann said. Households that pay more than 30 percent of the earners’ wages are considered cost burdened. For a household earning $50,000, an affordable rent is $1,000 per month. Workforce housing projects So far, the Dane Workforce Housing Fund, LLC, has provided two loans equaling $2.9 million of the $11.8 million raised. A $900,000 loan was granted to the Wisconsin Housing Preservation Corporation, a nonprofit to assist with Kestrel, a 39-unit apartment building planned at 6818 University Ave. in Middleton. It will include 14 studios, 21 one-bedroom and four two-bedroom units. Eight of the units will be leased at prices for those earning 50 percent of the average median income; 31 will be leased at a rate of 80 percent of the median income. JT Klein received a $2 million loan from the Dane Workforce Housing Fund to assist with the 116-unit Limestone Ridge in Fitchburg. Seventy-eight units will be one-bedrooms, 21 will be two-bedroom and 17 will be three-bedroom units. Fifty-five will of the leases will be priced for those earning 50 percent of the average median income, 16 priced at 60 percent and 29 at 70 percent. That project is anticipated to be completed in January of 2022. Sustaining affordability During discussions about workforce housing in Waunakee, some have questioned how the affordability can be sustained. In some cases, housing built to be affordable is sold at market rate. Developers who receive loans from the Dane Workforce Housing Fund enter into a land use restriction agreement to ensure the units remain affordable for 15 years. “In a perfect world, what could happen [afterwards], is the developer has an opportunity to refinance, and the project may have appreciated in value,” Lynch said. Or the developer could take a return and then bring in other investors, he added. Acknowledging that a building could be sold off and the units then leased at market rate, Lynch said that outcome would be disappointing. The goal is to lend money to developers who understand the market and the income requirement, and then monitor the average median income to keep the rents in line. Heinemann said when nonprofits develop housing, they have no investors to pay returns to. And nonprofits make payments in lieu of taxes. There is less of an incentive to sell off the property. Wages have not kept pace with housing prices in the United States, even in some places where the minimum wage has been raised to $15 per hour. “Getting people to $15 an hour is a great goal; $15 an hour is $30,000 a year,” Lynch said adding that finding rents at 30 percent of $30,000 a year is “a stretch.” His hope is the Legislature begins to look at housing from its end. “The point is, we’re trying to work from the housing side and we hope it also comes from the other side,” Lynch said. March 8, 2021 Dane County companies boosted through Madison Development Corporation loans - Firms on the upswing receive $1.6 million infusion Five growing Dane County businesses have received a capital infusion of $1.6 million through Venture Debt Fund loans from the Madison Development Corporation (MDC). February 15, 2021 Dane Workforce Housing Fund Reaches $11.85 Million in Investment SUPPORT FUND SEEKS TO ADDRESS THE WORKFORCE HOUSING CRISIS IN DANE COUNTY Press Release February 4, 2021 Dane County groups announce $11.8 million raised for new housing development fund February 4, 2021 Madison Development Corporation helps Madison-area businesses survive Despite Wisconsin’s economy reopening, some businesses are still struggling. Fred McConnell of the Madison Development Corporation joins Live at Four to talk about how the organization is working to support local businesses. https://www.channel3000.com/madison-development-corporation-helps-madison-area-businesses-survive/ September 5, 2020 Graaskamp Apartments - Available Now! View Here September 5, 2020 Tenant Resources Tenant Resource Center is partnering with Dane County to provide the community with rental assistance funds to prevent evictions due to COVID-19. DOA - Wisconsin Rental Assistance Program The Rental Assistance Program can award up to $3,000 per household in a combination of rental payments and/or security deposits. United Way 2-1-1 Whether you need financial assistance, food resources, housing search, addiction treatment, health care, mental health, or heating and utilities assistance, specialists at 2-1-1 can help you find the right service or program to fit your needs. January 3, 2020 MDC Raises More than $6 Million for Venture Debt Fund Madison Development Corporation’s Venture Debt Fund, which provides financing to for emerging growth companies in Dane County, has successfully raised more than $6.2 million for its sixth fund. PRESS RELEASE Wisconsin State Journal - MDC Raises 6th Venture Debt Fund In Business - MDC raises more than $6M for Venture Debt Fund Wisconsin Innovation - Madison Development Corp. Raises $6.2M for Sixth Venture Debt Fund Sun Prairie Star - Madison Development Corporation raises $6.2 million Older Posts 6082562799 COPYWRITE 2018, MADISON DEVELOPMENT CORPORATION