Fiscal Note
The Resolution proposes the use of $200,000 of City Affordable Housing Trust Fund proceeds. The 2008 Adopted Operating budget authorizes $353,695 for distribution from this fund in 2008 (please see page 21 of the Adopted City budget). Additionally, the PCED Adopted Capital budget (Project No. 40, "Hauk St. and Marquette St.") "directs the Department generally, and the CDBG Office specifically, to work with Habitat for Humanity of Dane County and the Madison Area Land Trust to create homeownership opportunities in the area of Hauk Street and North Marquette Street." No funding is included in the capital budget for this project.
Title
Authorizing the provision of Housing Trust Funds to assist Habitat for Humanity of Dane County to develop housing in ways that address City, Community and Neighborhood Development Objectives.
Body
AGENCY:
Habitat for Humanity of Dane County is a local chapter of a national organization established to promote
affordable housing using self-help participation and volunteer labor. Locally, the Habitat chapter has
developed Twin Oaks, Harmony Park and several dozen other single family houses.
PROJECT:
Habitat intends to acquire 3 properties in the Hauk/Marquette area, relocate one of the 3 buildings, demolish the others 2, conduct sitework to decrease the likelihood of flooding on the properties, and construct 8 owner-occupied townhouses for families who could not otherwise afford them. This project will address neighborhood revitalization goals of the area.
ACTIONS:
Whereas, MGO 4.21 created a Housing Trust Fund to help develop affordable housing;
Whereas, CD staff and the CDBG Commission have reviewed this proposal and find 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:
Habitat for Humanity of Dane County for up to $200,000 of Housing Trust Funds toward the
development of 8 homes in area.
Be it further resolved that the assistance be offered on terms adopted in the 2007-2008 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 of 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.
*articulated as a benchmark in the "Madison Measures"