Fiscal Note
The proposed resolution authorizes awarding up to $359,400 in Affordable Housing Fund dollars to the Madison Revitalization and Community Development Corporation (MRCDC) to rehabilitate seven (7) vacant affordable units at separate scattered site properties to address capital investment needs and modernization. The proposed $359,400 will be funded from the $2 million of Affordable Housing Fund dollars reserved for City of Madison or CDA sponsored activities. No additional City appropriation is required with adoption of this resolution.
Title
Authorizing an amendment to an existing loan agreement between the City of Madison and Madison Revitalization and Community Development Corporation (MRCDC) to add up to $359,400 of financial support from the Affordable Housing Fund to help finance the rehabilitation and preservation of seven (7) vacant units at separate scattered site properties currently owned by MRCDC, and authorizing the Mayor and the City Clerk to enter into a Loan Agreement.
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. While there is overlap between the Madison Community Development Authority (CDA) Board and MRCDC Board, the MRCDC is a legally separate entity from the CDA. MRCDC does not employ staff, it is managed by CDA staff. The MRCDC’s primary mission is to serve and be accountable to low-income persons and communities through representation on its governing board.
On January 1, 2022, the MRCDC acquired 12 parcels (32 units) of former Public Housing from the CDA. The MRCDC maintains the scattered-site properties as affordable housing for low-income families with incomes at or below 80 percent of Area Median I...
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