City of Madison - File #: 00248

• File #: 00248
• Version: 3
• Name: Section 42 low-income housing tax credit
• Type: Resolution
• Status: Passed
• File created: 1/12/2005
• In control: PLAN COMMISSION
• On agenda: 1/18/2005
• Final action: 1/18/2005
• Enactment date: 1/31/2005
• Enactment #: RES-05-00081
• Title: SECOND SUBSTITUTE - That the City of Madison establish policies and guidelines to assist in making the decision to support Section 42 low-income housing tax credit and tax exempt bond projects within the City of Madison.
• Sponsors: Brenda K. Konkel

Date	Ver.	Action By	Action	Result
1/19/2005	3	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
1/18/2005	3	Council Office	Fiscal Note Required / Approval
1/18/2005	3	COMMON COUNCIL	Adopt	Pass
1/14/2005	3	PLAN COMMISSION	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER
1/12/2005	3	PLAN COMMISSION	RECOMMEND TO COUNCIL WITH THE FOLLOWING RECOMMENDATIONS - REPORT OF OFFICER

Fiscal Note

This work can be accomplished through the reallocation of available staff resources.

Title

SECOND SUBSTITUTE - That the City of Madison establish policies and guidelines to assist in making the decision to support Section 42 low-income housing tax credit and tax exempt bond projects within the City of Madison.

Body

WHEREAS, the City of Madison passed an inclusionary zoning ordinance; and

WHEREAS, the inclusionary zoning ordinance exempts Section 42 low-income housing tax credit and tax exempt bond projects because of conflicting affordability provisions; and

WHEREAS, the City's intention is to have Section 42 low-income housing tax credit and tax exempt bond projects produce as much or more affordable housing as the inclusionary zoning ordinance; and

WHEREAS, the City seeks to encourage greater levels of affordability with Section 42 low-income housing tax credit and tax exempt bond projects; and

WHEREAS, the City would like to support Section 42 low-income housing tax credit and tax exempt bond projects that meet these city goals;

NOW, THEREFORE, BE IT RESOLVED that the City of Madison establish policies and guidelines to assist in making the decision to support Section 42 low-income housing tax credit and tax exempt bond projects within the City of Madison based on the attached criteria.

BE IT FINALLY RESOLVED that the criteria for reviewing Section 42 applications be as follows:

Minimum requirements for letter of support:

1. Project is consistent with the City's Comprehensive Plan;

2. Project provides at least as much affordability as IZ would provide; and

3. Project is consistent with the City's goals, including the City's Fair Share and Diversity Plan;

4. Thirty-day advance written Nnotification of alder; and

5. Thirty-day advance written Nnotification of neighborhood association, if one is registered with the City.

Preference will given for projects that do one of more of the following:

• Provide longer periods of affordability;

• Act as catalysts for development/redevelopment;

• Create units at lower AMI levels;

• Provide infill;

• Provide mixed-use or are associated with other nearby mixed-use projects if provided for in the neighborhood or comprehensive plan;

• Support a diversity of incomes by including market-rate housing;

• Support Minority Business Enterprises (MBEs) and/or Disadvantaged Business Enterprises (DBEs), including women-owned businesses;

• Provide developments that use less energy and promote renewables;

• Provide greater levels of user accessibility in the architectural design; and

• Provide access to public transit or promote alternative modes of transportation (e.g, bikes).