City of Madison - File #: 47537

• File #: 47537
• Version: 3
• Name: 2ND SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a loan agreement for up to $594,000 of HOME funds to Linden Cohousing, LLC to support the development of twelve eleven units of affordable owner occupied housing as part of the CohoMadison C
• Type: Resolution
• Status: Passed
• File created: 5/31/2017
• In control: FINANCE COMMITTEE
• On agenda: 6/20/2017
• Final action: 6/20/2017
• Enactment date: 6/21/2017
• Enactment #: RES-17-00528
• Title: 2ND SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a loan agreement for up to $594,000 of HOME funds to Linden Cohousing, LLC to support the development of eleven units of affordable owner occupied housing as part of the CohoMadison Cohousing project; and amending the 2017 Adopted Operating Budget to appropriate $594,000 in program income from the 2016 HOME grant and commensurate expenditures.
• Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair, Marsha A. Rummel, Amanda Hall

Date	Ver.	Action By	Action	Result
6/20/2017	3	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
6/12/2017	3	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
6/6/2017	1	COMMON COUNCIL	Refer	Pass
5/31/2017	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes a loan with Linden Cohousing LLC to construct 11 units of affordable housing as part of the CohoMadison project. The proposed loan amount is $594,000 and will be funded through HOME program income from the 2016 grant award. The resolution amends the budget for the 2016 HOME grant to reflect increased program revenue that has been received. The proposed loan has no impact on the General Fund.

Title
2ND SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a loan agreement for up to $594,000 of HOME funds to Linden Cohousing, LLC to support the development of eleven units of affordable owner occupied housing as part of the CohoMadison Cohousing project; and amending the 2017 Adopted Operating Budget to appropriate $594,000 in program income from the 2016 HOME grant and commensurate expenditures.
Body
Linden Cohousing, LLC, a development entity of Accipiter Properties, is working with CohoMadison, Inc, a non-stock corporation made up of 44 residents, to develop 45 new residential condominiums at 24082048-2100 Winnebago Ave. While CDD funds will be used to subsidize the development of affordable housing units the overall development project for the site is larger. The project will be 63,000-64,000 square feet and include; 45 residential condominiums, common areas, underground parking and artist studios. The first phase of the development project will also construct new space for the Madison Circus Space that currently occupies the area.

Linden Cohousing, LLC requested up to $648,000 $594,000 of federal funds for the development of twelve units, which would be restricted at the time of re-sale to low-moderate income households. Staff’s recommendation below is to fund twelve eleven HOME units for this project up to $648,000 $594,000 .

ACTION
WHEREAS, the Community Development Division staff and CDBG Committee have reviewed the proposal and find that it furthers the goals expressed in the 2015-2019 Five-Ye...