Fiscal Note
The proposed resolution authorizes the award of up to $1.3 million in Affordable Housing Funds to finance energy efficiency improvements at two CDA properties: Monona Shores Apartments and The Reservoir. The funds will be awarded in the form of a long-term deferred loan. The Community Development Division (CDD) allocates up to $2.0 million of Affordable Housing Funds annually to support City- and/or CDA-sponsored affordable housing development and/or improvements. Funding in the form of GO Borrowing is available within the Affordable Housing - Development Projects capital program (program #17110) within the Community Development Division's 2026 Adopted Capital Budget. No additional City appropriation required.
Title
Authorizing the allocation of up to $1,300,000 of City Affordable Housing Funds to help the Community Development Authority finance energy efficiency improvements at Monona Shores Apartments and CDA 95-1 “The Reservoir” and authorizing the Mayor and the City Clerk to enter into Loan Agreements. (District 6, District 14)
Body
Background
The Madison Community Development Authority of the City of Madison (CDA) provides affordable stable housing to many low- and moderate-income households throughout Madison. The CDA owns “Monona Shores,” a 104-unit rental property located at 1-11 Waunona Woods Ct., in Madison, and CDA 95-1 “The Reservoir Apartments,” a 28-unit rental property located at 612-632 East Dayton St. and 200-210 North Blount St., in Madison.
The proposed Affordable Housing Fund allocation of $1.3 million will support energy efficiency improvements at Monona Shores and The Reservoir. This work was identified as a result of a no-cost engineering audit performed by Johnson Controls. The energy efficiency improvements include the implementation of new air source heat pump heating and cooling systems, furnaces, heat pump water systems, attic insulation in top floor units, and window and sliding door frame sealing in all units. These...
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