Fiscal Note
The proposed resolution authorizes the award of up to $4,160,497 in federal HOME-ARP funds to Housing Initiatives, Inc. for a 16-unit multi-family development project at 1802 Roth Street. Up to $3,056,197 of the funds would be used for construction costs; up to $1,104,300 would be used for on-site supportive services once the development is completed. The receipt of up to $5,076,197 in HOME-ARP funds by the City was previously authorized via an amendment to the HUD-approved 2021 Action Plan (RES-23-00192, Leg file 76395). Sufficient budget authority is available within CDD's 2025 Adopted Operating Budget (Munis project 72921). No additional City appropriation required.
Title
Awarding up to $4,160,497 in federal HOME Investment Partnerships Program grant funds from the U.S. Department of Housing and Urban Development (HUD), as allocated to the City of Madison by the American Rescue Plan Act (a/k/a HOME-ARP), to Housing Initiatives, Inc. to support the development of 16 units of affordable housing and supportive services; and authorizing the Mayor and the City Clerk to enter into agreements to implement the development project (District 12).
Body
BACKGROUND
The American Rescue Plan Act of 2021 authorized the City of Madison to receive a special allocation of federal HOME Investment Partnerships Program grant funds (HOME-ARP) from the U.S. Department of Housing and Urban Development (HUD) in the amount of $5,076,197 to support local efforts to reduce homelessness and increase housing stability. The City was required to draft a substantial amendment to its 2021 Action Plan and undertake a public participation process to identify how these funds would be spent. The City's amended 2021 Action Plan, as approved by HUD, calls for up to $3,056,197 to support the development of affordable rental housing and up to $2,020,000 for supportive services.
As part of the 2024 Affordable Housing Fund - Non-Tax Credit RFP, HOME-ARP grant funds were made available...
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