Lincoln Avenue Communities Hosts Grand Opening Ceremony for Affordable Housing Complex in Madison

The grand opening of The Derby Apartments featured remarks from LAC, Governor Tony Evers, and other state and local leaders.

MADISON, Wis., March 10, 2025 /PRNewswire/ -- Governor Tony Evers and other state and local leaders joined Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, to open the doors to its first ground-up construction development in Wisconsin: The Derby Apartments, a four-story mid-rise building that will provide 70 units of affordable housing for families in Madison.

"We are thrilled to officially open The Derby to families and individuals in Madison," said Kevin McDonell, LAC VP & Regional Project Partner. "The Derby will provide high-quality, affordable homes to renters facing rising costs in one of Wisconsin's fastest-growing communities."

Underscoring the tremendous need for affordable housing and its impact on families, Wisconsin Housing and Economic Development (WHEDA) CEO and Executive Director Elmer Moore, Jr. introduced Governor Evers, saying "The Derby is notable as one of the first developments to receive a $1 million Vacancy-to-Vitality loan in the first competitive round of funding after a historic $525 million bi-partisan package of housing legislation. It's my pleasure to be here today to greet The Derby's new residents and celebrate what promises to be the first of many developments to come to fruition thanks to this extraordinary investment in affordable housing in our state."

The ceremony commenced with remarks from McDonell and Moore, followed by Wisconsin Governor Tony Evers, Madison Mayor Satya Rhodes-Conway, Dane County Executive Melissa Agard, Madison City Council President Yannette Figueroa Cole, and representatives from the Allied Wellness Center.

The Derby Apartments features 70 units, the majority of which will be leased to those earning between 30 and 60 percent of the area median income (AMI), with preference given to local veterans through the Dane County Veterans Service Office. The Derby includes 2600 square feet of community amenities including a fitness room, outdoor gathering space, a kids' playground, and a dog park. A first-floor office suite includes three private offices, a conference room, community service facility, a classroom, and a reception area for the Allied Wellness Center.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. A subsidiary of Lincoln Avenue Capital, LAC is a mission-driven organization with a presence in 28 states and a portfolio of 170+ properties comprising 30,500+ units housing 80,000+ residents. 

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SOURCE Lincoln Avenue Communities