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Summit Credit Union Invests In Dane County Workforce Housing Initiative

November 17, 2020 Dane Workforce Housing Fund will create, sustain affordable workforce housing countywideMADISON, 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 . You might also be interested in Summit Credit Union named Top Workplace in Madison, Milwaukee, and U.S., recognized for strong culture, engagement, and employee benefits... Summit Credit Union helps Wisconsin families achieve homeownership with up to $10K in down payment assistance... Summit Credit Union’s President and CEO Kim Sponem was recently featured on the Women of Community Banking podcast... Summit welcomed thousands of members and their families to Warner Park for its annual Summit Fest, blending its official Annual Meeting of the Membership... Summit Credit Union names Mike McCoy Chief Commercial Officer to advance commercial banking and support Wisconsin businesses... With $87 million in member benefits, Summit Credit Union remains the nation’s #1 credit union for Return of the Member... Summit Credit Union partners with LOVB Madison Volleyball to empower women athletes and advance equity in sports and finance... Kim Sponem calls for equitable pay practices, warning that lifetime pay gaps leave women at greater risk of retirement insecurity... Summit Credit Union earns the #1 national Return of the Member ranking again, highlighting its strong member value and financial impact...