Fiscal Note
Funds for these projects were previously authorized in the CDD’s Affordable Housing Fund as part of the City’s 2015 Adopted Capital Budget. Approval of this resolution will have no impact on the City levy.
Title
AMENDED - Authorizing the Mayor and City Clerk to execute loan agreements related to the affordable housing development projects selected as part of the 2014 Affordable Housing Funding Request for Proposals.
Body
BACKGROUND
The 2014 resolution authorized the allocation of $3 Million in Affordable Housing Funds to support the creation of approximately 200 units of affordable rental housing through the development of three projects: Maple Grove Commons, Tennyson Ridge and Union Corners Residential Phase I. However, the specific terms and award amounts for each project were not articulated as final. This resolution seeks to ensure that the Mayor and City Clerk are sufficiently authorized to execute loan agreements with each of the development entities in specific terms and award amounts for the three projects as originally anticipated.
ACTION
WHEREAS, the Common Council at its meeting on December 2, 2014 passed Resolution No. RES-14-00871 authorizing the allocation of $3 million in Affordable Housing Funds to support the creation of approximately 200 units of affordable rental housing in Madison through financial assistance to the Maple Grove Commons, Tennyson Ridge and Union Corners Residential Phase I projects in advance of their respective applications for 2015 Low Income Housing Tax Credit financing; and
WHEREAS, the City’s financial participation assisted each of these projects in successfully securing 2015 Low Income Housing Tax Credit financing, which was a contingency of City’s financial commitment; and
WHEREAS, the developer for each of these projects, via an affiliate LLC, is prepared to execute a loan agreement for up to $1,000,000 and related loan documents as outlined in the RFP and Resolution No. RES-14-00871; and
NOW, THER...
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