Fiscal Note
Funds are available within the Housing Development Fund. Expenses will not count toward the State Expenditure Limit.
Title
Approving additional Federal HOME funds to assist The Wisconsin Partnership for Housing Development with activities to create affordable owner-occupied housing, and authorizing the Mayor and City Clerk to sign agreements to implement the projects.
Body
BACKGROUND:
The Wisconsin Partnership for Housing Development (WPHP) was established to provide financing and technical assistance to non-profit groups engaged in housing development for lower income households. The Partnership has since expanded its role to administer some homeownership financing programs, as well as serving as lead developer for select projects.
PROJECT
The Council previously approved resolution #62101 that authorized $471,000 in Federal CDBG/ HOME/match funds and an interim loan of $38,200 to help WPHD design a mixed income owner-occupied project, acquire land in the Twin Oaks subdivision and construct the housing units. The project will include eleven units for households that meet income guidelines with the remainder sold at market rate. The interim loan would cover costs associated with general development of the project, and would be repaid when conventional financing was obtained for the project. WPHD originally requested less than the allowable per unit amount of HOME funds for construction of the project and are now requesting an increase in HOME/match funds to bring the project to the allowable limit due to rising construction costs.
ACTION
Whereas, the HOME program, as amended, and its implementing regulations located at 24 CFR 92 permit the City of Madison to help community agencies in the provision of housing development assistance;
Whereas, CDBG 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;
Whereas, the Council ...
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