The Madison city council has signed off on TIF loan financing for the affordable housing project.
The “W,” “M” and “C” have disappeared from the Wisconsin Manufacturers & Commerce office building on East Washington Avenue, and soon all the letters could come tumbling down. The building is slated to be demolished, and under a plan submitted to the city, seven stories of affordable housing would be built.
The Madison city council signed off on financing to help fund the project Tuesday, authorizing a tax incremental finance loan of $1.66 million. The funding would help close about a third of the total financing gap of roughly $5 million; the total project is projected to cost roughly $81 million…