Madison Reporter

Hundreds of affordable apartment units in Madison's north side are inching closer to completion, largely due to the infusion of Tax Incremental Financing (TIF) funds from the City of Madison. A development at two lots at the former Hartmeyer site on Roth Street benefited from over $6 million in city TIF money last year. This funding helped bridge a financial gap in the project and ensured that construction remained on schedule. The TIF funds were sourced from Tax Incremental District #54, a recently established entity by the city.

The mixed-use project currently under construction will comprise 303 affordable units in one building and an additional 250 units of affordable senior housing in another building. Beyond offering one- and two-bedroom units, the developer also plans to provide three- and four-bedroom apartments, thereby catering to family segments that typically do not have access to affordable housing options. All units will be priced affordably at 60% of Dane County’s median household income, with qualifying incomes ranging between $48,000 and $80,000.

The project is set to contribute a total of 553 new affordable units to the city’s housing market. As part of the TIF agreement, city staff recommended a 30-year land use restriction agreement. This provision ensures that the development will continue providing affordable housing for several decades.