Fiscal Note
The 2015 Adopted Capital Budget includes $2 million ($1,050,000 general obligation borrowing and $950,000 other sources) to support the two-phase development of up to 110 units of very low cost permanent housing units, which was initiated in 2014. The project will be designed to serve persons who are homeless or recently homeless. It anticipates new construction of housing facilities. The first phase, being undertaken in partnership with Heartland Housing Inc., will develop 60 housing units. Pre-development costs for Phase I were incurred in 2014, and included successful efforts to secure Section 42 Affordable Housing Tax Credits. Construction of Phase I is expected to begin in 2015, with funding from the City, Dane County and other sources. 2015 funds will support construction costs. Funding for Phase II, including pre-development and construction costs, as well as for any potential further development of permanent supportive housing, is provided in the Affordable Housing Fund (2015 Adopted Capital Budget Project No. 42).
MUNIS Code 10588-64-140
Title
Authorizing the Mayor and City Clerk to execute a loan agreement with Heartland Housing, Inc. or an affiliate legal entity, for up to $1,050,000 for the development of permanent supportive housing at 707-709 Rethke Avenue.
Body
Background
As part of the City's 2015 Adopted Capital Budget, $1,050,000 of City funds were authorized to support permanent supportive housing in the City of Madison to be developed by Heartland Housing Inc. during 2015.
Additionally, the first phase has been awarded federal low-income housing tax credits (LIHTC) administered by the Wisconsin Housing and Economic Development Authority (WHEDA), funding from Dane County, and private foundation awards.
ACTION
WHEREAS, on October 17, 2013 the Council passed Enacted Resolution No. RES-13-00804 directing the CDA to draft and issue a request for qualifications ("RFQ") for development services relating to the developm...
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