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Council approves TIF loan to fund 222 affordable units at 501 E. Washington
Summary
The Madison Common Council authorized a TIF loan (authorized in the 2026 budget) to Wash Franklin LLC to support construction of roughly 222 affordable units at 501 E. Washington, income‑averaged to about 60% of AMI; council described the project as an important addition to the city’s affordable housing supply.
The Common Council on May 19 authorized a development agreement to provide a tax‑increment finance (TIF) loan to Wash Franklin LLC for construction of approximately 222 units of income‑restricted housing and about 68 parking stalls at 501 East Washington Avenue (TID 53).
City staff said the project will rely on an income‑averaging model targeting roughly 60% of area median income (AMI), with anticipated rents in a range roughly between 50% and 70% AMI depending on unit size; staff described the AMI for Dane County as approximately $90,000 and said one‑bedroom affordability would be aimed near $57,000 household income while larger units target higher AMI thresholds.
Alder Madison and others asked about unit mix; staff indicated the development is weighted toward one‑bedroom units but confirmed the development will include a mix of sizes to meet affordable housing needs. The project was included in the 2026 economic development capital budget and the council approved the agreement by unanimous vote.
Next step: funding documents will be executed by the mayor and city clerk to enable the TIF loan and project closing. Construction and affordability restrictions will be implemented in the development agreement and related housing deed restrictions.
Provenance: Council discussion and staff briefing on item 39 (SEG 5440–5517).
