Fiscal Note
The proposed resolution approves the use of up to $1,850,000 from the Affordable Housing Fund (Munis program 17110) for additional loan allocations for development projects already approved for AHF loans. The additional loans will be allocated as follows:
· Wisconsin Housing Preservation Corporation (WHPC): up to $500,000
· St. John’s Lutheran Church in partnership with Urban Land Interests: up to $1,350,000
The additional funds are made available due to the return of $2.5 million for a loan approved via RES-22-00823 (Leg file 74454). With approval of this resolution, the total loan amount for WHPC will be $3,450,000; for St. John’s Lutheran in partnership with Urban Land Interests, $4,850,000. No additional City appropriation required.
Title
Approving the allocation of up to $1,850,000 of additional Affordable Housing Funds to be divided between Wisconsin Housing Preservation Corporation (WHPC) for Gardner Bakery Housing Redevelopment and St. John’s Lutheran Church, in partnership with Urban Land Interests, for St. John’s Lutheran Church Housing Redevelopment and authorizing the Mayor and City Clerk to execute loan agreements with the developers of those projects. (District 2 and District 12)
Body
In 2022, the Common Council adopted RES-22-00823 (Legistar File #74454), which authorized up to $2,950,000 of City Affordable Housing Fund (AHF) funds to Wisconsin Housing Preservation Corporation (WHPC), or an affiliate LLC, for the Gardner Bakery Housing Redevelopment, now known as Rise Apartments. The proposal will create 245 total units of new rental housing of which 161 would be affordable, designated for households with incomes at or below 30%, 50% or 60% of County Median Income, and with rents subject to limits established by federal guidelines. Additionally, the Resolution authorized up to $3,500,000 of AHF funds to St. John’s Lutheran Church, in partnership with Urban Land Interests, or an affiliate LLC, for the St. John’s Lutheran Church Hous...
Click here for full text