City of Madison - File #: 11403

• File #: 11403
• Version: 2
• Name: Authorizing the provision of $378,000 of Federal HOME, HOME Match or City Housing Trust funds to assist Common Wealth Development, Inc to acquire and develop the Vaughn Commons Housing project in ways that address City, Community and Neighborhood Developm
• Type: Resolution
• Status: Passed
• File created: 7/23/2008
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 9/2/2008
• Final action: 9/2/2008
• Enactment date: 9/3/2008
• Enactment #: RES-08-00805
• Title: AMENDED - Authorizing the provision of $378,000 of Federal HOME or HOME Match Funds to assist Common Wealth Development, Inc., to acquire and develop the Vaughn Commons Housing project in ways that address City, Community and Neighborhood Development Objectives.
• Sponsors: Thuy Pham-Remmele, Marsha A. Rummel

Date	Ver.	Action By	Action	Result
9/2/2008	1	COMMON COUNCIL	Adopt With Amendment(s)	Pass
8/25/2008	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
8/5/2008	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
8/5/2008	1	COMMON COUNCIL	Refer
7/31/2008	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE
7/31/2008	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE
7/29/2008	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Referred for Introduction

Fiscal Note
Sufficient funding of $378,000 in Federal HOME or HOME Match Funds is available within the CDBG budget to support the project.
Title
AMENDED - Authorizing the provision of $378,000 of Federal HOME or HOME Match Funds to assist Common Wealth Development, Inc., to acquire and develop the Vaughn Commons Housing project in ways that address City, Community and Neighborhood Development Objectives.
Body
AGENCY
Common Wealth is a community-based agency established by residents of the Wil-Mar neighborhood to undertake housing and economic development projects that enhance the quality of life within the area.

During their 30-year history, Common Wealth has sponsored many development activities, including the construction of affordable rental and for-sale housing, and the development and operation of two successful business incubators.

PROJECT
Common Wealth seeks HOME or HOME Match Funds acquire and rehabilitate 8 existing units of affordable housing on Williamson Street known as Vaughn Commons. These housing units are part of a 15 year old tax credit finance project where the tax credits are expiring and the project may be sold at market rate if it is not purchased by Common Wealth. The City funds would used to acquire 8 existing rental units, maintain 7 of them as affordable rental units; and convert one to a single family dwelling for sale as an affordable owner occupied unit through Common Wealth’s shared equity lease purchase program. The affordability of all 8 units for low or moderate households would be maintained by Common Wealth.

ACTIONS
Whereas, the HOME program, as amended, and its implementing regulations located at 24 CFR 92.400 ff, permit the City of Madison to help community agencies in the provision of housing assistance;

Whereas, CDBG staff and the CDBG Commission have reviewed this proposal and find that it furthers the goals expressed in the 2007/2008 CDBG Program Framework, the Five-Year Community and Neighborhood Development Pl...