Prairie Crossing

Summary: Project Home, a Madison-based nonprofit, sponsored this $1.95 million acquisition/rehabilitation project in a challenged neighborhood. The 48 refurbished apartments are now offered at rents affordable to households at or below 60% of area median income. Federal Low Income Housing Tax Credits were a key element in the project financing package.

Wisconsin Partnership's role: Development consultant/CHDO TA provider

Staff contact: Michael Heidkamp

Status of work: Completed in 2000

Formerly focused on repairs and energy conservation measures in homes occupied by low income families, Project Home intensified its efforts with Prairie Crossing. Eight buildings of six apartments each, located in Madison's Allied Drive neighborhood, were purchased, renovated and re-rented. The Allied Drive area faces a number of challenges including drug problems and a high concentration of low income people.

Renovation work began in December 1999. Interior work included new windows, cabinets, appliances and energy conservation measures. Exteriors and landscaping were also redone. The buildings are now managed by a local firm that specializes in challenged neighborhoods.

As development consultant the Wisconsin Partnership applied for and secured project financing commitments including federal Low Income Housing Tax Credits, a loan from the Wisconsin Housing and Economic Development Authority, City of Madison HOME funds and an energy improvement grant from Madison Gas and Electric. The Partnership also assisted with feasibility analysis, site control, selection of the development team and rehabilitation planning.

Follow this link for more information on Project Home.