Fiscal Note
The proposed resolution authorizes a grant of up to $1,527,600 of uncommitted federal Emergency Rental Assistance (ERA, Munis project 76121) funds to Cinnaire Solutions for the acquisition of properties at 715 Rethke Terrace and 7933 Tree Lane. No additional City appropriation required.
Title
Authorizing a grant of up to $1,527,600 to Cinnaire Solutions Corporation, to be drawn from funds authorized under the American Rescue Plan Act, for its use in acquiring and rehabilitating the properties at 715 Rethke Avenue and 7933 Tree Lane and preserving their long-term affordability for persons with household incomes at or below 60% of the County Median Income. (District 12 and District 9)
Body
WHEREAS, the City of Madison, in the early years of its Affordable Housing Initiative, helped bring about the development of two permanent supportive housing properties (the “Properties”), the first at 715 Rethke Avenue, which provided 60 studio apartments for single adults experiencing homelessness, and the second at 7933 Tree Lane, which offered 45 two-, three- and four-bedroom apartments for families with homeless experience; and,
WHEREAS, development of the Properties was undertaken by Heartland Housing Inc., a Chicago-based non-profit agency with demonstrated experience with such developments, which was selected by the City following two separate competitive Request for Qualifications processes; and,
WHEREAS, the developments were undertaken with the benefit of direct financial assistance from the City of Madison ($1.15 million to assist with development costs at Rethke Avenue and $1.5 million at Tree Lane), and from Dane County, and through Federal Low-Income Housing Tax Credits allocated by the Wisconsin Housing and Economic Development Authority (WHEDA), as well as from other sources; and,
WHEREAS, the Properties were further supported by the assignment of 54 project-based Section 8 housing vouchers to the Rethke property, and 40 project-based Sectio...
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