More affordable housing is coming to downtown Janesville.
The Janesville City Council approved a TIF development agreement Monday night for a 92-unit apartment building on Jackson Street.
The River Flats Apartments will cost over $19 million to construct, and the city’s economic development staff had to get creative to make the project profitable.
Economic Development Director Gale Price listed 10 separate funding sources, including low-income tax credits from the Wisconsin Housing and Economic Development Authority.
The five-story building will be constructed on a 1.4 acre lot surrounded on all sides by Jackson Street, Franklin Street, Laurel Avenue and Centerway/Highway 51.
Fond du Lac-based developer Commonwealth Company hopes to begin construction on the project as soon as March.
