RIVERSIDE TOWER LOFT
A NEW HOUSING OPTION FOR SENIORS HAS OPENED IN DOWNTOWN MADISON AT THE CORNOR OF SECOND STREET AND CRAIGMONT STREET. THE MASSIVE BUILDING THAT LOCALS REFER TO HAS THE TACK FACTORY HAS NOW BECOME RIVERSIDE TOWER LOFTS AND IS PROVIDING 42 ONE-BEDROOM AND 8 TWO-BEDROOM UNITS FOR LOW INCOME SENIORS AGE 62 AND OLDER.
THE BUILDING WHICH HAS SAT EMPTY SINCE 2007 BRINGS REJUVENATION TO THE OLD FACTORY AND THE DEVELOPMENT OF MORE AFFORDABLE HOUSING FOR LOCAL RESIDENTS,MAYOR BOB COURTNEY STATED THAT THE DEVELOPMENT IS PARTCULARLY IMPORTANT FOR MADISON SINCE REAL ESTATE PRICES HAVE INCREASED 30%. "AFFORDABLE HOUSING IS NEEDED IN MADISON NOW THEN EVER" . COURTNEY STATED.
MUCH OF THE CREDIT FOR DRIVING THE PROJECT FORWARD WENT TO THE STELLAR COMMUNITY DESIGNATION THE CITY RECEIVED IN 2017, AND THE AWARENESS ABD FINANCIAL BENEFITS THAT PROGRAM PROVIDES.THE PROJECT RECEIVED FUNDING FROM INDIANA HOUSING AND COMMUNITY DEVELOPMENT AUTHORITY, THROUGH THE STELLAR COMMUNITY HOUSING TAX CREDITS,CITY OF MADISON AND THE CITY OF MADISON REDEVELOPMENT COMMISSION.
A RIBBON CUTTING WAS HELD LAST THURSDAY NIGHT TO COMMERATE THE OPENING OF THE AFFORDABLE HOUSING, STATE AND LOCAL OFFICIALS WERE ON HAND, INCLUDING LT.GOV. SUZANNE CROUCH ALONG WITH MADISON MAYOR BOB COURTNEY, ALSO AT THE EVENT WAS GINNY WELCH WHOSE HUSBAND FORMER MAYOR DAMON WELCH WAS INSTRUMENTAL IN THE CITY'S EFFORT TO REVITALIZE THE PROPERTY.
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