Fiscal Note
Funds are available within the Housing Development Fund. Expenses will not count toward the State Expenditure Limit.
Title
Authorizing the provision of EDI and Match funds to assist Movin' Out, Inc., to develop housing in ways that address City, Community and Neighborhood Development Objectives and authorizing the Mayor and City Clerk to sign an agreement to implement the project.
Body
AGENCY
Movin' Out is a community-based agency established by parents of adult children with developmental disabilities who wished to arrange stable housing for their adult children and their families. The organization has grown into a housing counseling and development agency that provides housing services to a range of people and families, including households where at least one of the members has a disability. The City of Madison has provided HOME funds to the organization to provide down payment to their client population as well as financing for an innovative re-use of surplus property in the downtown area to create the successful 22-owner-occupied condominium development called Coachyard Square. Movin' Out is currently teamed with another non-profit organization, Wisconsin Partnership for Housing Development, to build a development in the Twin Oaks subdivision.
PROJECT
Movin' Out seeks $245,000 in Economic Development Initiative and Match funds to assist them in locating homeownership opportunities in the City of Madison for income-eligible households where at least one of the members has a disability and including some households that are currently receiving Section 8 rental assistance.
ACTIONS
Whereas, the City received a Federal EDI grant in 2003 for the development of homeownership opportunities for income-eligible households, some that must be recipients of Section 8 housing assistance;
WHEREAS, CD staff and the CDBG Commission have reviewed this proposal and found that it furthers the goals expressed in the Five-Year Community and Neighborhood Development Plan;
Now, therefore, be it resolved that the Common Council approve the provision of funds for the following project, and authorize the Mayor and the City Clerk to enter into an agreement with:
Movin' Out, Inc. for a total of $245,000 composed of $111,768 in EDI funds and $133,232 in Match funds to assist at least seven income-eligible households purchase owner-occupied housing;
Be it further resolved that the assistance be offered on terms adopted in the 2005-2006 Framework for Community and Neighborhood Development, such that the assistance to the organization (and to the buyer) be offered in the form of a deferred payment loan payable upon change of use or sale, with repayment equal to the greater of the amount HOME, Home Match, EDI and City Housing Trust funds invested in the property or the percent of appraised value that the funds represent in the value of the property.
NOTE: The Proposal describing the above project and the CD staff and CDBG Commission recommendation are available on file in the Council Office and in the CD Office.