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City of Madison TIF funds keep construction of hundreds of affordable units on track
![Rendering of future apartments on Lot 1 at former Hartmeyer site](https://www.cityofmadison.com/sites/default/files/styles/non_cropped_lg/public/dpced/economic-development/images/news/JLA%20Architects%20Roth%20Street%20Lot%201.png?itok=Trm8Rqwu)
Hundreds of affordable apartment units of all sizes on Madison’s north side are one step closer to becoming a reality thanks to Tax Incremental Financing (TIF) funds from the City of Madison.
A development underway at two lots at the former Hartmeyer site on Roth Street received a total of more than $6 million in City TIF money last year, helping cover a gap in the project’s financing and keeping construction on track. The money comes from funds generated by Tax Incremental District #54, which was recently created by the City.
The mixed-use project, which is now under construction, will consist of 303 affordable units in one building and 250 units of affordable senior housing in the other.
![Rendering of future apartments on Lot 2 at former Hartmeyer site](https://www.cityofmadison.com/sites/default/files/styles/non_cropped_lg/public/dpced/economic-development/images/news/JLA%20Architects%20Roth%20Street%20Lot%202.png?itok=-yyuZkYd)
In addition to providing 1- and 2-bedroom units, the developer plans on also providing 3- and 4-bedroom apartment units, serving a segment of families that are not traditionally served by affordable apartment housing. Additionally, 100% of the units will be affordable at 60% of Dane County’s median household income, with qualifying incomes ranging from $48,000 to $80,000.
Between the two buildings, a total number of 553 new affordable units will be added to the City’s housing market. As part of the TIF agreement, City staff has recommended a 30-year land use restriction agreement to ensure that the development remains affordable housing for decades to come.