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In 2019, the City of Fort Atkinson and Fort Atkinson Area Chamber of Commerce conducted a Multifamily and Senior Housing Analysis of the Fort Atkinson area housing market to evaluate the existing rental housing market as well as the potential for the addition of Section 42 Low Income Housing tax credit (“LIHTC”) and market rate multifamily and senior independent living rental units. 
 
Based on the research conducted, the study concludes that a market exists for the addition of multifamily and senior independent Section 42 and market rate rental housing in the City of Fort Atkinson.  The following table is a summary of the current Fort Atkinson area market conditions for the various housing types surveyed in the analysis.

RENTAL HOUSING TYPE

PERCEIVED STRENGTH/VACANCY RATE (rate w/apps.)

POTENTIAL
NET RENTS *

POTENTIAL NUMBER OF UNITS

 

  

LIHTC Section 42
Family

  

 

Very Strong/
0.0%


 1 BR 30% AMI - $365
 1 BR 50% AMI - $627
 1 BR 60% AMI - $660
 2 BR 30% AMI - $437 
 2 BR 50% AMI - $750
 2 BR 60% AMI - $790
 3 BR 30% AMI - $504
 3 BR 50% AMI - $832
 3 BR 60% AMI - $913

 

 

 

 65

 

 

 

 

 

LIHTC Section 42
Senior

 

   

Very Strong/
0.0%

  

 1 BR 30% AMI - $365
 1 BR 50% AMI - $627
 1 BR 60% AMI - $660
 2 BR 30% AMI - $437
 2 BR 50% AMI - $750
 2 BR 60% AMI - $790

 

 

   

40

 

 Market Rate

 

Very Strong/
0.5%
(0.5%)

  

 1 BR MKT - $   825
 2 BR MKT - $1,000
 3 BR MKT - $1,150

 

 95

 
The full report can be found here: http://www.fortatkinsonwi.net/Housing%20Market%20Assessment.pdf 

 
The City and Chamber also completed an Owner-Occupied Housing Report to determine owner-occupied housing demand in the Fort Atkinson market.  Homeowner vacancy rates, absorption rates, and other metrics were analyzed to determine the current demand.
 
Based on the analysis, the report concludes that:
 
  1. The demand for owner-occupied housing will increase from 2019 to 2025 and 2030.
  2. Recent owner-occupied housing construction rates are much too low to keep up with population and demand projections, and thus the existing shortage will worsen if construction rates do not increase.
  3. The current amount of residentially zoned, but undeveloped, land will not provide enough supply of owner-occupied housing to keep up with demand by 2025.
  4. More land will need to be rezoned or annexed in order to keep up with demand projections for 2025 and 2030.
Jefferson County Homebuyer Assistance Program - https://jeffersoncountyhomebuyer.com/programs/homebuyer-assistance-program/

Jefferson County Homeowner Rehab Program - https://jeffersoncountyhomebuyer.com/programs/homeowner-rehab-program/


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2018 Annual Report

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