City of Madison - File #: 06811

• File #: 06811
• Version: 2
• Name: Amend 4.22, MGO to update language and terms in Affordable Housing Trust Fund ordinance
• Type: Ordinance
• Status: Filed
• File created: 6/19/2007
• In control: HOUSING DIVERSITY PLANNING AD HOC COMMITTEE (ended 5/2011)
• Final action: 1/19/2010
• Title: SUBSTITUTE - Amending Section 4.22 of the Madison General Ordinances to update language and terms in the Affordable Housing Trust Fund ordinance.

Date	Ver.	Action By	Action	Result
1/19/2010	2	COMMON COUNCIL	Place On File Without Prejudice	Pass
1/14/2010	2	Clerk's Office	RECOMMEND TO COUNCIL TO PLACE ON FILE WITHOUT PREJUDICE -REPORT OF OFFICER
11/5/2009	2	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Table
3/5/2009	2	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE
1/27/2009	2	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Refer
12/4/2008	2	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Re-refer
11/6/2008	2	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Refer
10/15/2008	2	HOUSING COMMITTEE (ended 6/2012)	Return to Lead with the Following Recommendation(s)	Pass
9/18/2008	2	Attorney's Office/Approval Group	Refer
5/7/2008	1	HOUSING COMMITTEE (ended 6/2012)	Refer	Pass
4/2/2008	1	HOUSING COMMITTEE (ended 6/2012)
1/3/2008	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Refer
10/31/2007	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE
10/4/2007	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Refer	Pass
9/12/2007	1	HOUSING COMMITTEE (ended 6/2012)	Refer
9/12/2007	1	Attorney's Office/Approval Group	Approved As To Form
9/6/2007	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	RECOMMEND TO COUNCIL TO PLACE ON FILE - REPORT OF OFFICER	Pass
7/3/2007	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office (AFTER CC INTRO)
6/19/2007	1	Attorney's Office	Fiscal Note Required / Approval
6/19/2007	1	Finance Dept/Approval Group	Fiscal Note Pending
6/19/2007	1	Attorney's Office	Referred for Introduction
6/19/2007	1	COMMON COUNCIL	Refer
6/19/2007	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Refer
	1	HOUSING AFFORDABILITY SUBCOM OF THE HOUSING COM

Fiscal Note
This ordinance amendment substantially expands the eligible uses of the Affordable Housing Trust Fund to include operating expenses of non-profit developers, downpayment assistance, rental rehabilitation and other uses. The amendment also eliminates virtually all of the existing restrictions on how rapidly available Affordable Housing Trust Fund resources may be spent when the fund's balance exceeds $1,000,000. The fund currently has a balance of approximately $4,000,000 that would become available for immediate budgetary appropriation by the Common Council.
Title
SUBSTITUTE - Amending Section 4.22 of the Madison General Ordinances to update language and terms in the Affordable Housing Trust Fund ordinance.
Body
DRAFTER'S ANALYSIS: This ordinance updates language and terms in the Affordable Housing Trust Fund ordinance.
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The Common Council of the City of Madison do hereby ordain as follows:
4.22 THE MADISON AFFORDABLE HOUSING TRUST FUND
(1) Purpose and Intent.
There is hereby created and established for the City of Madison a fund to be known and denominated as the Madison Affordable Housing Trust Fund. The Trust Fund shall be a permanent endowment and continually renewable source of revenue to meet, in part, the housing needs of the Llow Iincome and Very Low Income households of the City. The Trust Fund is to provide loans and grants to for-profit and non-profit housing developers for the acquisition, capital and soft costs necessary for the creation of new Affordable rental and owner-occupied housing. Preference shall be given to those projects that ensure that the Assisted Units remain Affordable for the longer period possible. Projects funded by the Trust Fund shall be disbursed throughout the City so no single neighborhood experiences a disproportionate concentration of housing units for Llow Iincome and Very Low Income households.
(2) Definitions.
In this...