Organizations Filed Purposes:
MADISON DEVELOPMENT CORPORATION'S MISSION IS TO HELP PROVIDE QUALITY EMPLOYMENT OPPORTUNITIES BY MAKING LOANS TO HARD TO FINANCE SMALL BUSINESSES; AND TO PROVIDE QUALITY, AFFORDABLE HOUSING FOR MADISON AND DANE COUNTY RESIDENTS.
TO COORDINATE THE ACTIVITIES OF THE PUBLIC AND PRIVATE SECTORS SO AS TO CONSTRUCTIVELY USE THE RESOURCES OF EACH TO ACHIEVE GREATER MADISON AND DANE COUNTY WIDE ECONOMIC GROWTH, TO PROVIDE HIGH-QUALITY AFFORDABLE HOUSING AS WELL AS LOCAL NEIGHBORHOOD IMPROVEMENT, AND ASSIST IN THE FINANCING OF BOTH.
HOUSING - OF THE 349 UNITS OFFERED BY MADISON DEVELOPMENT CORPORATION, 183 UNITS WERE OCCUPIED BY HOUSEHOLDS AT OR BELOW THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT'S (HUD) VERY LOW INCOME LIMIT (WITH INCOMES AT OR BELOW 50% OF THE COUNTY MEDIAN INCOME). INCLUDING THESE UNITS, A TOTAL OF 274 UNITS WERE OCCUPIED BY HOUSEHOLDS AT OR BELOW 120% OF HUD'S VERY-LOW INCOME LIMIT (WITH INCOMES AT OR BELOW 60% OF THE COUNTY MEDIAN INCOME).
ECONOMIC DEVELOPMENT - IN 2020, THE BUSINESS LOAN PROGRAM COMMITTED AND CLOSED 2 LOANS TO HARD-TO-FINANCE BUSINESSES. INCLUDED IN THE 2 LOANS WERE 1 LOAN TO A WOMAN OWNED BUSINESS. THESE LOANS ARE PROJECTED TO CREATE AT LEAST 6 FULL TIME EQUIVALENT JOBS WITH OVER 51% OF THESE JOBS BE HELD BY A LOW OR MODERATE INCOME INDIVIDUAL. MADISON DEVELOPMENT CORPORATION ALSO APPROVED AND CLOSED 5 NEW TECHNOLOGY BASED LOANS THROUGH THE VENTURE DEBT LOAN FUND. THESE LOANS WILL BE USED TO LEVERAGE EQUITY CAPITAL THAT THESE SMALL BUSINESSES HAVE RAISED AND ALLOW THE COMPANIES TO REACH ADDITIONAL MILESTONES IN THEIR DEVELOPMENT. THESE BUSINESSES ARE PROJECTED TO CREATE OVER 70 NEW JOBS OVER THE NEXT 2 YEARS. MDC MANAGES THE DANE WORKFORCE HOUSING FUND WHOSE PURPOSE IS TO HELP CREATE NEW AFFORDABLE WORKFORCE HOUSING UNITS IN DANE COUNTY BY FOCUSING ON THE MISSING MIDDLE - WORKING ADULTS WHOSE HOUSEHOLD INCOMES FALL BETWEEN 40% TO 80% OF THE AREA MEDIAN INCOME AND THAT CANNOT AFFORD TO LIVE IN DANE COUNTY.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Lorrine Heinemann | PRESIDENT & CEO | 35 | $160,282 |
| Frederick Mcconnell | VP OF LENDING AND INVESTMENTS | 40 | $111,808 |
| Julia Stone | DIRECTOR | 1 | $0 |
| Dante Viscarra | DIRECTOR | 1 | $0 |
| Rob Bergenthal | DIRECTOR | 1 | $0 |
| Ron Trachtenberg | DIRECTOR | 1 | $0 |
| Scott Resnick | DIRECTOR | 1 | $0 |
| Stuart Levitan | DIRECTOR | 1 | $0 |
| Mary Strickland | DIRECTOR | 1 | $0 |
| Mike Kollath | TREASURER | 1 | $0 |
| Anne Neujar Morrison | SECRETARY | 1 | $0 |
| Vicki Bankston | VICE CHAIR | 1 | $0 |
| Rich Arnesen | CHAIR | 1 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202131249349300238_public.xml