MADISON, Wis. — Raymond James Tax Credit Funds, a leader in the Low Income Housing Tax Credit market for more than 25 years, has partnered with JP Morgan Capital Corporation to provide more than $20 million in LIHTC equity for the construction of two multi-family housing developments in Madison.
Midtown Place is under construction and scheduled to be completed in October 2010. It is located in the Midtown Commons neighborhood, just west of downtown Madison. This 4-story family development will comprise a total of 88 one, two and three bedroom units which will become homes for those who earn less than 50% to 60% of the area median income. The property will have a clubhouse with a media center, fitness center, picnic area, storage units and underground parking. Individual unit amenities will include central air, a dishwasher, washer/dryer and either a patio or balcony.
City Row Apartments is also under construction and scheduled to be completed in October 2010. It is located in downtown Madison in a predominantly residential area known as the Isthmus and Near East Side. There will be 83 studio, one, two and three bedroom units in this complex for residents who earn less than 50% to 60% of the area median income. The property will have a clubhouse with a media center, fitness center, picnic area, storage units, and laundry room for the residents as well as underground parking. Amenities for each unit will include central air, a dishwasher, washer/dryer and either a patio or balcony.
The properties were developed by Stone House Development, Inc., an active participant in LIHTC properties since 1996. Both developments will benefit from state-of-the-art solar systems which include panels and water heaters to not only keep utility costs down for residents, but also aide in the “going green” initiative.
About JP Morgan Capital Corporation
JPMorgan Capital Corporation is opening doors to affordable housing by providing capital for affordable housing, responding to the needs of the communities they serve and building lasting relationships with their partners. JPMCC has been investing nationally since 1993.
About Raymond James Tax Credit Funds
Raymond James Tax Credit Funds is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF). Since 1969, subsidiaries of RJF have been among the leading syndicators of affordable housing. Raymond James Tax Credit Funds has raised over $2.5 billion in equity for more than 1,200 properties in 44 states since the inception of the tax credit program in 1986. For more information, visit rjtcf.com
For additional information, please contact Tammy Eitel at 727-567-2824.
