Park Bank Continues Commitment to Dane County with $500,000 Investment in Dane Workforce Housing Fund
Posted On: January 26, 2024 in: News & Releases
by Park Bank
January 25, 2024
FOR IMMEDIATE RELEASE
Contact:
Helen Kosterman
Vice President, Marketing & Communications
hkosterman@parkbank.com
608.278.2833
Park Bank Continues Commitment to Dane County with $500,000 Investment in Dane Workforce Housing Fund
MADISON, Wis – Park Bank, a longstanding supporter of community development in Dane County, announces their Board of Directors approved an additional $500,000 investment to the Dane Workforce Housing Fund (DWHF). This investment underscores Park Bank's dedication to addressing the pressing need for affordable housing in the Madison area.
The Dane Workforce Housing Fund, initiated in 2020 by the Economic Stability Council (ESC) in Madison, aims to alleviate the affordable housing shortage in Dane County. The fund, chaired by Rich Lynch of JH Findorff & Son, brings together leaders from several of the region's largest employers, including Park Bank, to collaborate on filling crucial gaps in new housing projects.
Ken Lammersfeld, CEO of Park Bank, expressed the bank's commitment to the community, stating, "At Park Bank, we believe in the power of collaboration to create positive change. Investing in the Dane Workforce Housing Fund aligns with our mission to support the well-being and prosperity of Dane County residents."
Josh Marron, President and Chief Banking Officer of Park Bank, serves on the DWHF Technical Advisory Committee (TAC), contributing valuable insights to guide the fund's strategic decisions.
"We are proud to play a role in shaping the future of workforce housing in Dane County. By actively participating in the DWHF, we aim to make a meaningful impact on the lives of individuals and families in our community," Marron stated.
Elyse Smithback, First Vice President of Park Bank, serves on the DWHF Investment Committee, further solidifying Park Bank's engagement in the fund's decision-making processes.
The Dane Workforce Housing Fund has already demonstrated success with its first round of funding, exceeding its goal by raising $11.8 million from 14 investors and constructing 747 new housing units including a $1 million investment from Park Bank. Projects from the initial round, such as Uno Terrace Apartments, The Trotta, The Kestrel, and Limestone Ridge, have contributed to addressing the diverse housing needs of the Madison area.
For more information about the Dane Workforce Housing Fund and investment opportunities, interested parties can contact (608) 535-4572.
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About Park Bank
With convenient locations throughout Dane County, Park Bank blends financial technology with individualized, proactive service to help clients achieve their goals. From individuals and families to nonprofits and businesses, Park Bank has over 50 years of experience bringing clients’ ambition to fruition. As the longest-serving Madison-based community bank, Park Bank is driven to create an ever-stronger community through collaboration with nonprofit organizations focused on diversity and inclusion, paid volunteer time for associates to give their time and energy to causes that matter to them and deepening charitable impact to help create positive change in the communities Park serves. Learn more at ParkBank.com or call 608.278.2801 for more information.