December 22, 2014

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.

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

Staff contact: Bill Perkins

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

The 23 Coachyard Square condos were built at a total cost of $2.6 million 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, five were sold at prices affordable to moderate-income households and six 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 were used in developing Coachyard Square. In 2001 the project received an Orchid Award from Capital Community Citizens, a respected Madison civic organization, because of on-site recycling measures that reduced landfilling of construction waste by 40%.

Coachyard Square was part of a larger effort by the City of Madison 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 awarded 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 a letter of credit during the development stage and take-out financing for income-qualified buyers. Down payment assistance was available through the Federal Home Loan Bank of Chicago.