On Wednesday, September 13, 2017, Wisconsin Housing Preservation Corp. (WHPC) joined development partners, residents, and local and state officials to celebrate the grand opening of the first phase of Tennyson Ridge Apartments, with its first 25-unit building located at 3818 Whitman Lane in Madison, Wisconsin.
WHPC assumed the development role from T.W. Sather Company. This building is a part of a two-phase housing development to include a second building with 47 apartments to include appliances, a community patio, a community room, and an in-unit washer and dryer. The second building is set to be complete in November 2017. Combined, both building provide a total of 72 units with a mix of one, two and three bedrooms with balconies to residents.
What makes this development unique is that it took several severely blighted buildings that were determined unsalvageable on the contaminated Brownfield parcel and transformed the site to a high-quality market rate and affordable housing community for individuals who desire to live in the Madison area.
The project was financed by Wisconsin Housing Economic Development Authority's Low-Income Housing Tax Credits purchased by WNC, Permanent and Construction Loans through Bank Mutual, Loan Funds through the City of Madison, a Site Assessment Grant partnered with the City of Madison and Wisconsin Economic Development Corp. (WEDC), a Brownfield Grand through WEDC, and additionally FHLB-Chicago AHP grant funds.
WHPC has partnered with Lutheran Social Services for referral and on-going services for Veteran residents.