Fiscal Note
The proposed resolution approves the award of up to $4.0 million from the Affordable Housing Fund to the Community Development Authority's (CDA) Triangle Redevelopment capital project (Munis project 14696) in 2024. The Community Development Division (CDD) 2024 Capital Budget includes $20.0 million in funding for the Affordable Housing - Development Projects (Munis project 14938) to support these projects like the Triangle Redevelopment project. Any financial assistance for this project secured after adoption of this resolution will reduce the contribution from the Affordable Housing Fund. No additional City appropriation required.
Title
Authorizing the allocation of up to $4 million of City Affordable Housing Funds to the Community Development Authority of the City of Madison (CDA), or an affiliate LLC, to help finance Phase 1 redevelopment of the Triangle public housing site, including demolition of the existing 163-unit Brittingham Apartments and construction of an equivalent number of replacement dwelling units, and authorizing the Mayor and the City Clerk to enter into a Loan Agreement. (District 13)
Body
BACKGROUND
The Madison Community Development Authority (CDA)’s redevelopment plan for its 12 acre site bounded by South Park, Regent Street and W. Washington, known as “the Triangle”, includes five phases of development that will replace 362 existing housing units, currently subsidized through Public Housing and Section 8 programs, with about 1,200 units of mixed-income housing. Phase 1 includes the redevelopment of approximately 163 units of housing that will replace Brittingham Apartments and the CDA Triangle property management office. The development budget for Phase 1 was included in the City’s Adopted 2024 Capital Budget. Phases 2, 3, 4, and 5 are included in the Horizon List as CDA continues to explore options with HUD and refine the project budget.
The total development cost of all project phases is projected to exceed $300 million, w...
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