Fiscal Note
The proposed resolution authorizes an increase to the loan amount to the Community Development Authority (CDA) for the Monona Shores rehabilitation project previously authorized via legislative file 89378. The amendment increases the maximum loan amount to the CDA by $78,750. The total amount of Affordable Housing Fund loans authorized via legislative file 89378 was up to $2.0 million for the CDA Monona Shores project and MRCDC rehabilitation projects at several of its scattered sites. The total amount to be loaned to the two entities remains the same. No additional appropriation is required.
Title
Authorizing an amendment to RES-25-00481(Legistar #89378) to increase the amount of the Affordable Housing Fund (AHF) loan for the CDA Monona Shores Rehabilitation project, from up to $360,000 to up to $438,750, with the total combined MRCDC and CDA allocations not to exceed $2,000,000 in AHF funds; and authorizing the Mayor and the City Clerk to enter into Loan Agreements as appropriate. (District 14)
Body
BACKGROUND
On September 2, 2025, the Common Council adopted RES-25-00481 (Legistar #89378), authorizing the allocation of up to $2,000,000 in Affordable Housing Funds (AHF) to support two rehabilitation projects: up to $1,640,000 to the Madison Revitalization and Community Development Corporation (MRCDC) for rehabilitation of seven (7) units and common area improvements within its scattered-site affordable housing portfolio, and up to $360,000 to the Community Development Authority (CDA) for the rehabilitation and preservation of eleven (11) rental units at Monona Shores Apartments, located at 2 Waunona Woods Court.
Since adoption of the original resolution, the CDA has refined the scope of work for the Monona Shores rehabilitation. The project now includes the replacement of twenty (20) HVAC units rather than seven (7), made possible by securing a discounted per-unit cost. This expanded scope raises the total project cost to $438,750. Simultaneousl...
Click here for full text