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Finance committee approves TIF loan for 223-unit affordable housing project at 501 E. Washington
Summary
The Finance Committee recorded a unanimous vote to authorize a development agreement and a $1.666 million tax-increment financing (TIF) loan to Wash Franklin LLC to build 223 affordable units at 501 East Washington Avenue; staff described unit income mix and repayment via future tax increments.
The Madison Finance Committee on May 27, 2025, authorized a development agreement and a tax-increment financing (TIF) loan to support a residential development at 501 East Washington Avenue, approving Legistar 88003 which provides a $1,666,000 TIF loan to Wash Franklin LLC.
City staff described the project as a roughly 223‑unit affordable housing development with approximately 68 parking stalls on the former Wisconsin Manufacturers and Commerce site. The staff…
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