Fiscal Note
The proposed resolution authorizes awarding up to $950,600 in Affordable Housing Fund dollars to the Madison Revitalization and Community Development Corporation (MRCDC) to rehabilitate eight (8) vacant affordable units at separate scattered site properties to address capital investment needs and modernization. The proposed $950,600 will be funded from the $2 million of Affordable Housing Fund dollars reserved for City of Madison or CDA sponsored activities. No additional City appropriation is required with adoption of this resolution.
Title
Authorizing the allocation of up to $950,600 of City Affordable Housing Funds to Madison Revitalization and Community Development Corporation (MRCDC) to help finance the rehabilitation and preservation of eight (8) vacant units at separate scattered site properties currently owned by MRCDC, and authorizing the Mayor and the City Clerk to enter into a Loan Agreement.
Body
Background
The Madison Revitalization and Community Development Corporation (MRCDC) was established on September 8, 1998 to invest in, receive, hold, use, and dispose of real or personal property and to engage in related activities to facilitate community redevelopment. The MRCDC is recognized under Wisconsin state law as a non-stock, 501(c)(3) Non-Profit Corporation. While there is overlap between the Madison Community Development Authority (CDA) Board and MRCDC Board, the latter is a legally separate entity from CDA. MRCDC does not have staff; it is managed by CDA staff. The MRCDC’s primary mission is to serve and be accountable to low-income persons and communities through representation on its governing board. The MRCDC has corporate bylaws which govern its operating rules.
The MRCDC owns and manages a portfolio of scattered site housing properties in Madison. It is a valuable affordable housing resource in the City. These housing units were formerly Public Housing units, managed by the Madison CDA. However, due to a lack of sufficient fi...
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