WHPC: Announces groundbreaking for Rise Madison, a transformational 100% affordable housing development in Madison, WI

Madison, WI, January 18, 2023 – Wisconsin Housing Preservation Corp. (WHPC), a leader in the preservation and development of quality affordable housing for low- to moderate-income populations has announced plans to break ground for Rise Madison affordable apartments at 10 AM, Thursday, January 25th.

The groundbreaking ceremony will take place at 3401 East Washington Avenue on Madison’s East Side. Attending dignitaries and speakers include City of Madison Mayor Satya Rhodes-Conway, Brenda Champy, Executive Vice President of CREA, an investing partner, and key WHPC executives.

The $82.3 million, 245-unit Rise Madison development begins construction on a 6.5-acre site of a former bakery manufacturing facility 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 Wisconsin 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.

“We have thoughtfully planned this unique rental community for families, individuals, and seniors with a 1.5-acre private park and access to many services, including the Bus Rapid Transit stop, Access Community Health Clinic, Hawthorne Elementary and the many businesses along East Washington Avenue,” said WHPC President Mary Wright. “We are excited to bring to Madison a signature 100% affordable development we believe will be the catalyst for continuing the growth along Madison’s major thoroughfare.”

“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. “We applaud this thoughtfully designed project, and I am proud of the work the City was able to do to support it.

“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.”

The 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 walk-up building with an elevator for seniors aged 55 years and older and two five-story walk-up buildings. The two-story building facing East Washington Avenue will include approximately 5,000 square feet of commercial space. Rise Madison will 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.

Former site buildings have been demolished and construction began in December with completion to occur in three phases through October 2025. Two of the four buildings will be ready for resident move-in by February 2025 with pre-leasing to begin in late 2024.

Project consultants include Knothe & Bruce Architects, Middleton, WI; McGann Construction, Madison, WI; and engineering firm Vierbicher Associates, Madison, WI.

WHPC was awarded 4% federal Low-Income Housing Tax Credits (LIHTCs) in fall 2023 through the Wisconsin Housing and Economic Development Corporation (WHEDA). 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, Affordable Housing Program, and tax incremental financing (TIF) from the City of Madison, WHPC Capital Magnet Fund, WHPC’s own investment, Dane Workforce Housing Fund, and a Wisconsin Economic Development Corporation (WEDC) Brownfield Grant.

“Rise Madison transforms a previously vacant concrete jungle into a well-designed residential community that will be not only be comfortable but also affordable,” said Development Project Manager Megan Walela. “Apartments for families and seniors will be available to move into as early as spring 2025.”

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, Redstone, 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.