Fiscal Note
The proposed resolution authorizes the award of up to approximately $5.5 million in Affordable Housing Funds to four (4) organizations that submitted applications to the Affordable Rental Housing Development: Non-Tax Credit Request for Proposals (RFP) released in April 2024. The resolution also authorizes the Mayor and City Clerk to execute agreements and take other actions as needed to accomplish the purpose of the resolution. The 2024 Adopted Capital Budget includes $20.0 million of funding for the Affordable Housing - Development Projects program (Munis program 17110, minor project 14938). The funding sources of the 2024 project include TID 51 increment to be used within TID 51 or within 1/2 mile of TID 51 ($3.0 million), TID increment from closed TIDs ($4.9 million), and General Fund-supported GO Borrowing ($12.1 million). No additional City appropriation required.
Title
Awarding up to $2.77 million of City Affordable Housing Funds authorized in the City’s 2024 Adopted Capital Budget, and up to $2.75 million of City funds also authorized in the 2024 Capital budget within TID #51 for affordable housing to help finance the development and preservation of approximately 152 units of affordable rental housing, in projects selected through a Request for Proposals (RFP) process; and authorizing the Mayor and the City Clerk to enter into agreements with agencies to implement the development projects. (District 3, District 6, District 14, District 15)
Body
Background
The City of Madison’s 2024 Adopted Capital Budget includes $20 million in authorized spending for the City’s Affordable Housing Fund (AHF). Of that, $1.5 million is for use to support affordable housing developments that are not seeking Low Income Housing Tax Credits to help finance the projects. The Community Development Division (CDD) made these funds available through the 2024-2025 Affordable Rental Housing Development: Non-Tax Credit Request for Proposal(s). The recommended awards de...
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