Madison, WI Header
File #: 17266    Version: Name: Affordable Housing Trust Fund
Type: Ordinance Status: Passed
File created: 1/26/2010 In control: COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE
On agenda: 9/7/2010 Final action: 9/7/2010
Enactment date: 9/15/2010 Enactment #: ORD-10-00086
Title: AMENDED ALTERNATE Amending Sec. 4.22 of the Madison General Ordinances to allow the payment of developers’ operating costs from the Affordable Housing Trust Fund.
Sponsors: Shiva Bidar, Julia S. Kerr
Attachments: 1. AHTF Memo and CDBG Committee Changes.pdf, 2. Current ordinance language, financial summary and summary of changes, 3. CDBG Substitute, 4. Housing Committee & CDBG Alternate Ordinance, 5. Version 1 & Alternate Comparison, 6. Memo from City Attorney.pdf, 7. Version 1, 8. CC registrations 17266.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
9/7/20101 COMMON COUNCIL Adopt the Following Friendly Amendment(s)Pass Action details Meeting details Not available
9/7/20102 COMMON COUNCIL Adopt With Friendly AmendmentPass Action details Meeting details Not available
9/1/20101 HOUSING COMMITTEE (ended 6/2012) RECOMMEND TO COUNCIL WITH THE FOLLOWING RECOMMENDATIONS - REPORT OF OFFICERPass Action details Meeting details Not available
8/17/20101 COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE Return to Lead with the Following Recommendation(s)Pass Action details Meeting details Not available
8/5/20101 COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE Refer  Action details Meeting details Not available
6/3/20101 COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE ReferPass Action details Meeting details Not available
3/4/20101 COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE Refer  Action details Meeting details Not available
3/4/20101 COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE    Action details Meeting details Not available
2/15/20101   Return to Lead with the Recommendation for Approval  Action details Meeting details Not available
2/15/20101 BOARD OF ESTIMATES (ended 4/2017) Return to Lead with the Following Recommendation(s)Pass Action details Meeting details Not available
2/3/20101 HOUSING COMMITTEE (ended 6/2012) Refer  Action details Meeting details Not available
2/3/20101 HOUSING COMMITTEE (ended 6/2012) Refer  Action details Meeting details Not available
2/2/20101 COMMON COUNCIL ReferPass Action details Meeting details Not available
1/26/20101 Attorney's Office/Approval Group Referred for Introduction  Action details Meeting details Not available
Fiscal Note
This ordinance amendment dramatically alters the rules governing the expenditure of funds in the Affordable Housing Trust Fund, expanding both the scope of eligible expenditures and the maximum amount that could be expended in any given year. Roughly $94,000 was added to the fund during 2009, bringing the balance in the fund at the beginning of this year to about $4,100,000.
The existing Affordable Housing Trust Fund ordinance restricts spending to the creation of affordable housing units, prohibiting the use of Trust Fund resources for operating expenses. The amount that can be spent in any given year is limited to 25% of the additions to the fund received in the previous year. Thus, under current rules, only about $23,000 would be available for expenditure in 2010, of which $19,000 has already been committed.
The proposed ordinance would expand the eligible uses of Trust Fund resources to include the operating expenses of for-profit and non-profit developers that receive a grant or loan from the Trust Fund. It also broadens the definition of eligible projects to include the repair, preservation and upgrade of existing affordable units. Additionally, it removes the current annual expenditure limitations, replacing them with the provision that no more than 25% of the total fund balance could be spent on any single project. Thus, under the proposed ordinance, the full $4,100,000 balance in the fund could be spent in 2010 as long as no more than $1,025,000 was spent on any one project.
Title
AMENDED ALTERNATE Amending Sec. 4.22 of the Madison General Ordinances to allow the payment of developers’ operating costs from the Affordable Housing Trust Fund.
Body
DRAFTER'S ANALYSIS: This amendment revises the uses of Trust Fund monies to provide greater flexibility in authorizing disbursements, increases the amount that may be disbursed from the Fund, and makes certain definition changes.
*************************************************************...

Click here for full text