New Madison Facility Combines Affordable Housing and Early Childhood Education, Thanks to Federal Program

The Federal Home Loan Bank of Chicago's Affordable Housing Program has helped address community needs in Madison, Wisconsin. A 70,000-square-foot facility was developed by the nonprofit Movin’ Out. It opened last year, offering affordable housing and early childhood education. The building has 38 affordable apartments, with eight designed for residents with disabilities. Amenities include secure bike storage, underground parking, a community room, outdoor deck, fitness center, and an on-site management office.

The facility's ground floor houses a 21,000-square-foot early childhood education center. It's run by Red Caboose, an independent child care center. The new facility has allowed Red Caboose to triple its capacity. The project combines affordable housing and quality education in a location with good public transport access.

The shared facility helps Movin’ Out address Madison's affordable housing shortage and provides residents with quality education. Residents get enrollment preference at Red Caboose, making child care more accessible and affordable. For Red Caboose, the project provided a modern space without the full cost of a standalone facility.

IFF facilitated the project by providing two loans totaling $4.18 million to Movin’ Out for the facility's development. They also provided two loans totaling $3.58 million to Red Caboose for purchasing its ground floor commercial condo and building out the space. The shared facility allows both organizations to save resources for their missions.

IFF also sponsored an application for additional funding through the Federal Home Loan Bank of Chicago’s Affordable Housing Program. This provided Movin’ Out with an extra $480,000 for the project. This model of shared location has been realized with the help of the program, addressing two community needs in one quality facility.

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