Senior housing funding approved

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By Tia Lynn Lecorchick managing editor

Silver Lakes, a senior housing community to be built on Fifth Street in Madison by Parallel Housing, Inc., has been selected by the Department of Community Affairs (DCA) to receive $1 million in HOME funds and $4.6 million in Low Income Housing Tax Credits (LIHTC). City Manager David Nunn announced this development at the monthly work session for the Madison City Council on Friday, Nov. 21. “Parallel Housing informed us today that the DCA funding has come through for the Silver Lakes project,” said Nunn. “It has received the tax credits award from the Department of Community Affairs and will start construction sometime next summer,” added Monica Callahan, director of city planning. According to the DCA website, The Housing Tax Credit Program allocates federal and state tax credits to owners of qualified rental properties who reserve all or a portion of their units for occupancy for low income tenants.  Gregg Bayard, co-executive director of Parallel Housing, a non-profit based out of Athens, was thrilled to share the news. “We are extremely excited about the opportunity to work in Madison,” said Bayard. “We have been working with Monica and David Nunn and other local folks for the last three years, trying to get this project funded. We know that this is going to be really good community to be involved in.” “Parallel Housing, and our development partner The Woda Group, are looking forward to becoming a member of the Madison community and being able to provide safe, highly energy efficient affordable housing to the local neighborhood.   We are especially excited to be part of the West Washington Gateway redevelopment area and all the improvements that are being facilitated by the DDA.  We would also like to express our appreciation for the immense amount of effort put forth by the DDA and City of Madison to make the Silver Lakes development possible,” added Bayard. According to Bayard, the tax credits will be spread out over 10 years at $460,000 per year after Silver Lakes is completed and up and running. “During this time period, if a project is out of compliance, the tax credits are at risk.  This is a very effective approach and comes with significant oversight, both during construction and once the development is put into operation,” explained Bayard. “We are thrilled Parallel Housing received funding for this project.  City Planner, Monica Callahan, along with the DDA, developed and communicated a plan for revitalizing the West Washington gateway.  Their hard work and vision has paid off, resulting in a project that will help meet our community’s housing needs and beautify a neglected area of town,” said Chris Hodges, city council member. Silver Lakes will be a 44 unit senior housing community for people 55 years of age or older. Parallel Housing will develop, own and operate the senior housing community. Construction will begin no later than Sept. 2015 and the Silver Lakes senior community is anticipated to be finished by December 2016.

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