For-Profit Developers

Working with for-profit developers is a relatively new line of business for the Partnership. Because we have experience in developing mixed-income projects, we can assist developers in planning for, financing or marketing lower-cost homes in their developments.

Since 2005, we have worked on several joint ventures with for-profit developers:

• We are currently helping Freed and Associates market inclusionary zoning (IZ) condominiums at The Heights and Centric, both to be constructed as part of the Hilldale Mall redevelopment. Our work includes providing prospective buyers with information about the IZ process and verifying buyer incomes. We also help income-qualified buyers secure down payment assistance from the federal HOME program and/or from the Downpayment Plus® program we manage. And we refer borrowers to appropriate lenders, as well as alternative down payment assistance sources.
  
  
• Earlier, we helped Freed and Associates market IZ condominiums in the first two phases of their Hilldale Row project. Our services included verifying buyer incomes; providing information about the IZ ordinance and city policies; guiding buyers through the qualification process; and referring buyers to possible sources of mortgage financing, down payment assistance and home ownership counseling.
  
  
• We are working with Veridian Homes on Hidden Oaks, a subdivision planned for the City of Middleton. Veridian has agreed to include 10 lower-cost homes in the development. Our role is to facilitate the project; for example, we may help with securing down payment assistance or other subsidy funds to maximize affordability of the homes.

We look forward to working with for-profit developers on other mixed-income projects in communities throughout Wisconsin. We believe that mixed-income projects will continue to play a valuable role in efforts to increase the supply of affordable housing.

• Hidden Oaks - Middleton
• Hilldale Row - Madison