Dane Workforce Housing Fund will create, sustain affordable workforce housing countywide

MADISON, Wis.—Summit Credit Union, a member-owned financial cooperative, has announced an investment to support the Dane Workforce Housing Fund. The Fund, established and managed by Madison Development Corporation, is intended to address Dane County’s workforce housing crisis by developing and sustaining affordable units throughout the county.

Summit committed an investment of $1 million to aid in development of the project. Initially launched with a goal of $10 million in community investment, the fund has raised $11.8 million in total thus far. Without this investment support, the affordable workforce housing units would not be able to be created.

“At Summit, we’re committed to playing an active role in supporting our communities,” said Summit Credit Union President & CEO Kim Sponem. “This project will help uplift the hardworking residents, families and businesses of Dane County, and we’re proud to invest in improving our collective future.”

In the initiative, the Economic Stability Council (ESC) and the Dane Workforce Housing Fund aim to create 500 new affordable housing units in Dane County over the next three years, while keeping the units affordable for at least 15 years. By securing community funding, the first project of the initiative will kick off with construction of Wisconsin Housing Preservation Corporation’s 39-unit building in Middleton.

The campaign’s second phase of funding is expected to begin in late 2021 or early 2022, allowing for the continued investment of projects into 2023 and beyond.

Summit has 45 locations across south-central and southeastern Wisconsin and is the second-largest credit union in the state. For more information about Summit’s commitment to being an active part of its communities, visit https://www.summitcreditunion.com/about/giving-back.