Fiscal Note
The City’s 2016 Adopted Capital Budget authorizes up to $6 million for the Affordable Housing Fund (Community Development Division Project No. 17110). That sum includes up to $1.5 million for construction of Phase II of the City’s permanent supportive housing initiative for homeless families (also known as the Tree Lane project). The $6 million total for 2016 includes $1.5 million of GO Borrowing, reauthorized from the 2015 Adopted Capital Budget to support three proposed tax credit housing development projects. A Resolution authorizing City financial support for those three projects was adopted by the Common Council on December 2, 2014 (RES-14-00871, Legistar #36185).
The Affordable Housing Fund project in the 2015 Capital Budget (Project Nos. 35 and 42) included $115,000, made available to support pre-development costs associated with Phase II of the City’s permanent supportive housing initiative for homeless families. Those funds remain available, thus, this resolution has no fiscal impact on the City’s budget.
Title
SUBSTITUTE: Authorizing the Mayor and City Clerk to execute loan agreements with Heartland Housing, Inc. (and/or an affiliate legal entity) for up to $1,615,000 from the Affordable Housing Fund for the development (pre-development and construction) of approximately 45 units of permanent supportive housing at 7933 Tree Lane for families experiencing homelessness.
Body
WHEREAS, funds for pre-development and construction costs associated with the development of permanent supportive housing for families experiencing homelessness (Phase II, a/k/a the Tree Lane project) were authorized in the City's 2015 Adopted Capital Budget.
This Resolution authorizes an award of up to $1,615,000) (covering $115,000 for pre-development and $1.56 million for development costs) to Heartland Housing, Inc., for the development of the Phase II permanent supportive housing project at 7933 Tree Lane.
BACKGROUND
On October 15, 2013 (RES-13-00804, Legis...
Click here for full text