Mount Washington housing project secures new funding and plans 200 workforce units

In the heart of Eau Claire, a pivotal government meeting unfolded, shedding light on the city's housing landscape and the challenges it faces. As city officials gathered, the discussion centered on several key housing projects and the evolving dynamics of the local rental market.

One of the most significant updates came from the Mount Washington project, which had faced financial hurdles due to a developer's previous capital partner experiencing a portfolio collapse. However, optimism returned as the lead developer secured a new equity partner, allowing the project to move forward. This ambitious endeavor aims to rehabilitate the existing structure and add over 200 units of workforce housing, addressing a pressing need in the community.

The meeting also highlighted a notable shift in the rental market. The multifamily housing vacancy rate has surged to 3.7%, a significant increase from just 1.2% the previous year. While this rise raised concerns among property owners, it signals a healthier balance for the community, fostering competition among landlords and potentially leading to lower rental rates. The overall housing vacancy rate stands at approximately 4.7%, still above the ideal range but trending in a positive direction.

As the conversation progressed, officials acknowledged the unique challenges posed by the presence of a university in the area. The influx of students often skews the housing market, as landlords capitalize on the demand for shared living arrangements, complicating the availability of single-family homes.

In addition to ongoing projects, such as the second phase of the PNR properties in the Cannery District and the Paragon project, city officials are exploring innovative housing types, including manufactured homes. However, funding remains a significant hurdle, with requests for over a million dollars in Community Development Block Grant (CDBG) and HOME funds far exceeding the available allocation of just over $600,000.

The meeting concluded with a sense of determination to navigate these challenges, as officials continue to seek solutions for affordable housing in Eau Claire. With ongoing discussions about potential legislative changes to increase funding for low-income housing, the community remains hopeful for a future where housing opportunities are accessible to all.