Fiscal Note
$448,000 in Federal HOME/ match funds is available within the Housing Development Fund to cover the costs for the Housing Initiatives project;
Title
Authorizing the provision of HOME/Match funds to assist Housing Initiatives with a rental housing project in ways that address City, Community and Neighborhood Development Objectives.
Body
AGENCIES:
Housing Initiatives is a local community-based agency established to acquire, rehab or construct, and manage small scale, scattered site housing for very low income persons who are associated with supportive services. Housing Initiatives owns and manages about 36 units of housing.
PROJECTS:
Having completed its last round of acquisition, Housing Initiatives, is now ready to proceed with the acquisition and possible rehab of 8 additional units in at least two different locations.
ACTIONS:
WHEREAS, the HOME program, as amended, and its implementing regulations located at 24 CFR Part 92, permit the City of Madison to help community agencies in the provision of housing assistance;
WHEREAS, CD staff and the CDBG Commission have reviewed this proposal and find that it further 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 agreements with:
Housing Initiatives or a related affiliate for up to $448,000 in HOME or HOME Match funds toward acquisition and related development costs of eight affordable units.
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 HOME, Home Match, EDI and City Housing Trust funds invested in the pro...
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