Fiscal Note
The proposed resolution authorizes the award of up to $2.0 million in Affordable Housing Funds to finance the rehabilitation of rental housing property held by MRCDC and CDA. The resolution proposes awarding $1.64 million to MRCDC for rehabilitation of 7 units at scattered sites and awarding $360,000 to CDA for rehabilitation of 11 units at Monona Shores Apartments. Funding in the form of GO Borrowing is available within the Affordable Housing - Development Projects capital program (program #17110) within the Community Development Division's 2025 Adopted Capital Budget. No additional City appropriation required.
Title
Authorizing the allocation of up to $2,000,000 of City Affordable Housing Funds to help the Madison Revitalization and Community Development Corporation (MRCDC) finance the rehabilitation and preservation of seven (7) units of rental housing and common area improvements at separate scattered site properties, and the Community Development Authority (CDA) finance the rehabilitation and preservation of eleven (11) units of rental housing at Monona Shores Apartments, and authorizing the Mayor and the City Clerk to enter into Loan Agreements. (District 5, District 10, District 11, District 14, District 16)
Body
Background
The Madison Revitalization and Community Development Corporation (MRCDC) was established on September 8, 1998, to invest in, receive, hold, use, and dispose of real or personal property and to engage in related activities to facilitate community redevelopment. The MRCDC is recognized under Wisconsin state law as a non-stock, 501(c)(3) Non-Profit Corporation and is legally separate from the Madison Community Development Authority (CDA). The MRCDC’s primary mission is to serve and be accountable to low-income persons and communities through representation on its governing board. The MRCDC has corporate bylaws which govern its operating rules.
On January 1, 2022, the MRCDC acquired 12 scattered site properties (total of 32...
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