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Council committee approves TIF loan for 223-unit affordable housing project at 501 E. Washington
Summary
The Finance Committee unanimously approved a development agreement and tax-increment financing (TIF) loan to Wash Franklin LLC for a 223-unit affordable housing project at 501 East Washington Avenue, with a $1,666,000 TIF loan intended to cover part of an identified financing gap.
The Madison Finance Committee on May 27 approved a development agreement and a tax-increment financing loan to Wash Franklin LLC to support construction of approximately 223 affordable housing units at 501 East Washington Avenue.
The committee adopted the item (Legistar 88003) after a staff overview describing the project, proposed TIF assistance and the affordability mix.
What was approved: Dan Rolfes, a city staff member who presented the item, said the project would include 223 residential units and about 68 parking stalls on the former Wisconsin…
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