City of Madison TIF funds keep construction of hundreds of affordable units on track
Wisconsin Eagle/10271134

~ A new development on Madison's north side is bringing hope for affordable housing to the community. Thanks to Tax Incremental Financing (TIF) funds from the City of Madison, hundreds of affordable apartment units are one step closer to becoming a reality.

The project, located at the former Hartmeyer site on Roth Street, received over $6 million in TIF money from the City last year. This funding has helped cover a gap in the project's financing and has kept construction on track. The funds were generated by Tax Incremental District #54, which was recently created by the City.

The mixed-use development, currently under construction, will consist of 303 affordable units in one building and 250 units of affordable senior housing in another. What sets this project apart is its plan to provide not only 1- and 2-bedroom units but also 3- and 4-bedroom apartments. This will serve a segment of families that are often overlooked by traditional affordable housing options.

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Furthermore, all 553 units will be affordable at 60% of Dane County's median household income. This means that qualifying incomes will range from $48,000 to $80,000. This development aims to address the growing need for affordable housing in Madison.

As part of the TIF agreement, City staff has recommended a 30-year land use restriction agreement to ensure that the development remains affordable for decades to come. This will help maintain a stable supply of affordable housing in the city.

With this new development, Madison is taking a step towards providing more accessible and diverse housing options for its residents. The use of TIF funds highlights the city's commitment to addressing its housing needs and creating a more inclusive community for all.

Filed Under: Government, City

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