Lincoln Avenue Completes Affordable Wisconsin Community
The property will cater to residents earning 30 to 60 percent of AMI, with a preference given to veterans.
Lincoln Avenue Communities has wrapped up construction on The Derby, a 70-unit affordable housing community in Madison, Wis.
Apartments will cater to residents earning between 30 and 60 percent of the Area Median Income with a preference given to veterans through the Dane County Veterans Service office. Moreover, 14 units were built to meet Wisconsin Housing and Economic Development Authority accessibility requirements.
The four-story property encompasses one- to three-bedroom floorplans ranging between 681 and 1,286 square feet. First-floor units feature private patios while the upper ones include private balconies. Through the implementation of a solar-array system that powers the common areas, The Derby has attained Enterprise Green Communities certification.
READ ALSO: How Teamwork Can Push Affordable Housing Projects Across the Finish Line
Additionally, the community includes 1,100 square feet of ground-floor office space and 2,600 square feet of amenity space. The former comprises private offices, a conference room and a classroom, while the latter consists of a gym, dog park and playground, among others.
Funding for the community included two construction loans issued by Merchants Capital amounting to $19 million and $476,600, Yardi Matrix data shows. The Dane County Housing Authority provided a $1.3 million note and AOF/Pacific Affordable Housing Corp. originated a $885,000 note. WHEDA also contributed $1 million toward the development.
A collaborative effort for affordable housing
McShane Construction Co. served as the general contractor and Knothe & Bruce Architects provided design services. The Derby’s inception stages began to take shape in August 2023, which included the demolition of a former roller-skating rink that had been underutilized for years.
This is not the first time the trio collaborated on affordable housing projects, in fact, earlier this year the crew partnered on another development in Madison. Dubbed Canyons, the 60-unit affordable project is expected to debut in June 2025.
The trio’s collaborative efforts to bring affordable housing don’t stop in Madison. Also in the Badger State, the team is working on Bishop Woods, a 203-unit affordable development. The Brookfield, Wis., project is slated for completion in December 2025.
Delivering affordable housing in Madison
According to U.S. Census data, metro Madison’s population grew by 13.5 percent in the decade ending in 2020. Following this spike, housing costs have risen significantly. To combat the unaffordability, WHEDA has funded nine projects to bring online 482 new affordable units in the city since 2023, a report by the agency shows.
As of November, Madison’s affordable pipeline encompassed more than 1,400 units throughout fully affordable communities, Yardi Matrix data shows. Among the projects underway are The Victoria and The View at Huxley Yards, two developments totaling 553 units also pioneered by Lincoln Avenue Communities.
Year-to-date through November, developers brought online more than 400 affordable Madison units inside four fully affordable communities bearing 50 or more units, the data provider shows. The figure for the entirety of last year was more than double with north of 900 affordable units making their debut.
