Fiscal Note
The Resolution provides for the acceptance of State Grant Funds of $1,098,634. A portion of the funding is available to the CDBG Office for administrative costs; the balance will be contracted with non-profit housing services agencies. This funding and expenditures are not currently included in the CDBG 2009 Adopted Operating budget; therefore, an amendment to the budget to recognize the additional funding of $1,098,634 and commensurate expenditures is required, as follows:
$1,098,634 SC01-54920-260000 (Expenditures: Community Agency Contracts)
($1,098,634) SC01-73213-260000 (Revenues: State Grants)
Title
Authorizing specific projects in an application to the State of Wisconsin for Neighborhood Stabilization Program Funds and authorizing the Mayor and City Clerk to sign agreements with the State of Wisconsin and various agencies to implement the projects and amending the CDBG 2009 Adopted Operating budget to recognize $1,098,634 in State Grant revenues and commensurate expenditure authority.
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BACKGROUND
The City of Madison has worked closely with a group of community-based non-profit agencies that provide affordable housing services in the City to respond to the housing foreclosure problem in Madison. As a result of that work the City of Madison CDBG Office on behalf of the Madison NSP Consortium applied for a grant from the State of Wisconsin to acquire and rehabilitate properties that have been foreclosed. These properties will provide affordable housing units for primarily low or moderate-income persons. The grant was a competitive one, open to all Wisconsin communities. The City was awarded $1,098,634 for 11 projects.
AGENCIES:
The Consortium agencies include the following non-profits, each of which offers a specialized approach to the production and management of affordable housing within the City:
Common Wealth Development Corporation, Dane County Housing Authority, Habitat for Humanity of Dane County, Housing Initiativ...
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