Fiscal Note
Funds for these projects were previously authorized, in the Community Development Division’s Affordable Housing Fund, as part of the City’s 2016 Adopted Capital Budget. This resolution articulates the terms and financial awards associated with the affordable housing development projects. Approval of this resolution will have no impact on the City levy.
Title
Authorizing the Mayor and City Clerk to execute loan agreements associated with affordable housing development projects selected as part of the 2015 Affordable Housing Fund Request for Proposals process.
Body
Resolution No. 15-00904, adopted by the Common Council on December 1, 2015, authorized the allocation of up to $3 Million in Affordable Housing Funds to support the creation of approximately 160 units of affordable rental housing through the development of three projects: Mifflin Street Apartments, 8Twenty Park, Phase 1, and Madison on Broadway. However, that resolution did not articulate the specific terms or financial awards for each project. This resolution specifically articulates those terms and financial awards and also seeks to ensure that the Mayor and City Clerk are authorized to execute loan agreements with each of the three development entities as originally anticipated.
ACTION
WHEREAS, the Common Council, at its meeting on December 1, 2015, adopted Resolution No. RES-15-00904 authorizing the allocation of up to $3 million in Affordable Housing Funds to support the creation of approximately 160 units of affordable rental housing in Madison through financial assistance to the Mifflin Street Apartments, 8Twenty Park, Phase 1, and Madison on Broadway projects in advance of their respective applications for 2016 Low Income Housing Tax Credit financing; and
WHEREAS, the primary goal of the City’s financial participation in these projects was to increase the likelihood of their success in the ensuing statewide competition for 2016 federal Low-Income Housing Tax Credits; and
WHEREAS...
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