MADISON, WIS. – December 12, 2022 – Associated Bank announced the closing of a $6,900,000 construction loan and $7,200,000 in Low-Income Housing Tax Credit (LIHTC) equity for The Shield Apartments, a 44-unit affordable multi-family project developed by The Salvation Army, Central Territory. The new apartment community will be located at 22 North Blount Street in Madison, Wisconsin, a half mile from the Wisconsin State Capitol.


The project will include 16 studio and 28 one-bedroom units affordable by tenants earning 30 to 60 percent of area median income (AMI). Twenty-two of the units will be set aside for survivors of domestic violence and 11 will be designated for persons prone to homelessness. Apartments will include all major kitchen appliances, an in-unit washer/dryer and central air conditioning. Common amenities will include a controlled entry, an onsite leasing and management office, offices for supportive services and a community room. Parking will include 32 underground stalls and 18 spaces on an outdoor lot.


The Shield is a part of The Salvation Army, Central Territory’s goal of transforming its existing Madison building, located at 630 East Washington Avenue, from a stand-alone, drop-in shelter for women and families into a larger multi-building campus that includes affordable housing and broader community support services. The Salvation Army, Central Territory’s presence in the Central U.S. spans 11 Midwestern states and is part of a global mission to do good.


According to Major Andrew Shiels, Capital Area Coordinator "Breaking ground on The Shield demonstrates The Salvation Army's commitment to working in concert with Dane County communities to improve access to affordable housing. A capital campaign will be conducted to help fund the shelter for women and families.”


Teresa Rubio and Stefanie Bachrach of Associated Community Development, LLC, the bank’s community development corporation, managed the loan and equity closings.


Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.


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Associated Banc-Corp (NYSE: ASB) has total assets of $38 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at