Coachyard Square Condominiums

Summary: Coachyard Square was developed as a joint venture between the Partnership and Movin' Out, Inc., a nonprofit organization that works to create opportunities for low and middle-income people with disabilities to secure housing of their choice.

The 23 Coachyard condos were constructed on an urban infill site at a total cost of $2.6 million, and sold to buyers with a wide range of incomes. Coachyard Square received a HUD Fair Housing Award in 2002 and an Orchid Award from Capital Community Citizens in 2001.

Wisconsin Partnership's role: Co-developer/CHDO TA provider

Staff contacts: Michael Heidkamp

Status of work: Completed; all condos sold by July 2001

The Coachyard Square Condominiums were constructed in downtown Madison on a site formerly occupied by a local moving and storage company. The development consists of 3 two-story structures including a "coach house" containing 10 flats at the center of the site. The one and two-bedroom homes were sold at prices ranging from $89,900 to $154,900. Twelve were sold at market prices, 5 were sold at prices affordable to moderate-income households and 6 were set aside for purchase by very low-income people with disabilities. In 2002, Coachyard Square received a HUD Fair Housing Award in recognition of the project's goal of creating a mixed-income, mixed-ability community.

Sustainable building practices including "green" construction techniques used in developing Coachyard Square have gained much attention. In 2001 the project received an Orchid Award from Capital Community Citizens because of on-site recycling measures that reduced landfilling of construction waste by 40%.

Coachyard Square is part of a larger effort to attract home owners to downtown neighborhoods. Taking design cues from the surrounding residential environment, the project features covered porches, double-hung windows and areas of shake siding.

Financing for Coachyard Square included federal HOME funds allocated to Movin' Out by the City of Madison, an energy conservation grant from Madison Gas and Electric, and construction financing at favorable terms from Mutual Savings Bank (now Bank Mutual). The Wisconsin Housing and Economic Development Authority (WHEDA) provided take-out financing for income-qualified buyers, and down payment assistance was available through the Federal Home Loan Bank of Chicago.