Today the Dane County Housing Authority acquired 48 apartment units in Marshall in an effort to preserve affordable housing opportunities in North-Eastern Dane County. The School Street Apartments at 402-510 Madison Street in Marshall were built in 1992 utilizing the Section 42 Low Income Housing Tax Credit program but after 15 years of required compliance the units were taken out of the Section 42 program and were no longer under any rent or income restrictions.
By purchasing these units the DCHA is committing to keep the units affordable by restricting all future move-ins to families at or below 60% of County Median Income (CMI), and capping the rents at the HUD published Fair Market Rents (FMR) for Dane County. There will be no relocating of any of the current residents, even if they are above 60% of CMI, but the restrictions will go into effect immediately for any new move-ins.
In addition to the rent and income limits the DCHA hopes to make the units even more affordable by attaching Project Based Section 8 assistance to 12 units in the near future. Under the Section 8 program eligible families pay 30% of their monthly income in rent and utilities with the remainder being paid by HUD through Housing Assistance Payments. This would fill a great need in Marshall as there are no rental units currently in the Village that are affordable for Households at 30% of CMI.
Effective immediately the units will be professionally managed by Wisconsin Management. Anyone looking to apply for housing should contact Ashley at 608-258-2080.