City of Madison Economic Development Director
Matt Mikolajewski and LAC leaders
attended the groundbreaking ceremony for The View and The
Victoria at Huxley Yards,
two affordable housing apartment complexes for families and seniors
in Madison, Wisconsin.
Additional photos and renderings available upon
request.
MADISON, Wis., June 27, 2024 /PRNewswire/ -- Lincoln Avenue
Communities (LAC), a mission-driven acquirer and developer of
affordable housing, celebrated their groundbreaking yesterday on
the future site of The View and The Victoria at Huxley Yards, during a ceremony
with LAC leaders, local policymakers and partners. The Huxley Yards
developments will provide a combined 553 affordable housing units
to individuals, families and seniors in Dane County earning less than 50%, 60% or 70%
of the Area Median Income.
"Lincoln Avenue Communities is proud to break ground on the
largest ground-up affordable housing property to be developed in
Wisconsin," said Jeremy Bronfman, LAC CEO. "Once completed,
Huxley Yards will provide hundreds of high-quality, affordable
homes for Madison residents."
The View will provide 303 affordable housing units for families
and individuals, and The Victoria
will provide 250 affordable units for seniors. The View and The
Victoria at Huxley Yards will also
be the first new construction development established under
Madison's Oscar Mayer Special Area
Plan.
"The Oscar Mayer Special Area Plan envisions an entirely new
neighborhood for the City of
Madison. This project will help that plan come to fruition,"
said Matt Mikolajewski, City of Madison economic development
director. "We are grateful for the investment that Lincoln
Avenue Communities is making in the City
of Madison and appreciate all the work of the Lincoln Avenue
Communities team to get us to this groundbreaking."
The properties will offer community amenities and resident
services, such as job training and nature classes. The View will
feature a pool, community classroom, fitness center, and an active
playground area. The Victoria will
include a club room, craft room, fitness center, two rooftop
courtyards, and a fenced dog run, among other amenities. Both
properties will be Wisconsin Green Built Home certified and
incorporate sustainability features such as rooftop solar
system.
"LAC is committed to creating innovative housing solutions in
the nation's fastest growing metropolitan areas," said Kevin McDonell, LAC vice president and regional
project partner. "The View and The Victoria are especially important developments
for families and seniors facing limited housing in Wisconsin's capital."
The developments are financed by Federal Low-Income Housing Tax
Credits provided by the Wisconsin Housing and Economic Development
Authority and the National Equity Fund; Solar Tax Credits purchased
by the NEF; an Opportunity Zone Fund Investment; a Citi Cash
Collateralized Taxable and Tax-Exempt construction-to-perm loan;
tax increment financing from the City of
Madison; and a Brownfield Idle Sites
Grant from the Wisconsin Economic Development
Corporation.
"We are grateful to the Wisconsin Housing and Economic
Development Authority, National Equity Fund and Citibank for their
support," said Kyle Brasser, LAC
vice president and regional project partner. "Their partnership,
along with the City of Madison's
collaboration, has been crucial in bringing a vibrant new community
to Madison."
About LAC: Lincoln Avenue Communities (LAC) is
one of the nation's fastest-growing developers, investors, and
operators of affordable and workforce housing, providing
high-quality, sustainable homes for lower- and moderate-income
individuals, seniors, and families nationwide. A subsidiary
of Lincoln Avenue Capital, LAC is a mission-driven
organization with a presence in 28 states and a portfolio of 155+
properties comprising 27,000+ units.
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SOURCE Lincoln Avenue Communities