–submitted by Sharyn Alden
On September 4, Rotarians heard from Matt Wachter, Director of the City of Madison’s Department of Planning, Community, and Economic Development, and Nicole Solheim Vice President of Development for Cinnaire, a nonprofit Community Development Financial Institution (CDFI) about challenges behind affordable housing.
The City of Madison has been growing at about 1 percent a year since World War II. In 2021, the demand for affordable housing shot up due, in part, to younger renters with employers like Epic. Construction couldn’t keep up with demand. Coupled with extremely low employment throughout the city, it became apparent that demand was outstripping supply. Wachter noted that since 30 percent of income goes into housing costs, about half of renters in Madison couldn’t afford housing. This significant problem needed to be solved. Over the past 10 years, the city has allocated more money into increasing affordable housing choices. One interesting option is the ‘downtown height bonus” for constructing buildings up to 116 feet in height as long as affordable housing is part of the plan.
If you missed our meeting this week, you can watch it here: https://youtu.be/R96fwsbT-8k.
Rotary Club of Madison, Wisconsin 