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Council approves TIF loan for 501 East Washington: 223 affordable units and affirmative-action monitoring required
Summary
The Common Council authorized a tax-increment-finance loan for Wash Franklin LLC to build about 223 affordable housing units and roughly 68 parking stalls at 501 E. Washington Ave. The agreement includes affirmative-action goals set and monitored by the Department of Civil Rights, with a funding holdback until 80% project completion.
The Madison Common Council unanimously authorized a development agreement authorizing a tax-increment-finance (TIF) loan to Wash Franklin LLC to construct approximately 223 units of affordable housing and about 68 parking stalls at 501 East Washington Avenue in TID 53.
Why it matters: The project will add several hundred affordable housing units in a Tax Incremental District and the loan agreement includes affirmative-action and workforce utilization requirements administered by the city—s Department of Civil Rights as…
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