Finding good housing at the right price is getting more and more difficult in the Madison area. This trend lies behind the growing number of large, luxurious condominiums being constructed in the city.
“There’s a dramatic gap between what’s available for housing and what’s needed in the community,” said Ald. Tom Powell, District 5. “Everything that comes before the city council for approval is well beyond affordable for average people, and the gap is growing wide.”
The lack of affordable housing in Madison is an issue affecting a large portion of the community. With the current county median income for a single adult at $47,000 per year, a wide range of people qualify for what is termed “affordable housing.”
According to Powell, suburban income levels raise the median income to a level that does not accurately reflect the majority of Madison residents.
“Affordable housing is in sad shape,” Powell said. “There are few housing options for people making 100 percent of the median income, let alone 50 percent.”
A resolution is currently being discussed to help alleviate this problem. Drafted earlier this fall by Ald. Todd Jarrell, District 8, and Mayor Sue Bauman, the resolution seeks to establish an Affordable Housing Trust Fund for the city. The goal is to expand the available supply of affordable housing.
Citing homelessness and neighborhood deterioration as key consequences of a tight affordable housing supply, the resolution would aim to counteract the current housing situation by dedicating revenue sources each year toward the creation of more affordable housing.
The trust fund’s assistance could take on several forms for both renters and those who own their residences, aiding in maintenance, preservation and expansion.
It would ideally lend support to those who earn up to 80 percent of the county median income, or $36,750 for one person.
Several committees are currently reviewing the Affordable Housing Trust Fund Resolution. With 11 co-sponsors, the concept has been met with general support, but it could take up to six months for an ordinance to be drafted and passed, Jarrell said.
Financial issues, primarily how to ensure money for the fund, are among top concerns.
“The hard part will be getting people to commit to different revenue sources,” Jarrell said. “I’m sure it will be created, but it’s not going to solve the housing crisis on its own.”
Powell said he sees hostility as another barrier to the trust fund’s implementation. Fear of changes it might bring to neighborhoods is among the common concerns held by many people, he said.
“Many people connect affordable housing with low-income housing and immediately think of crime,” Powell said. “It’s blatant discrimination.”
As committees continue to debate the resolution, Powell said he believes strongly in the principles behind the Trust Fund.
“I’m hopeful that the resolution can get out there and something will be passed,” he said. “It’s great and well-overdue.”
