Fiscal Note
$32,400 in Federal HOME/ match funds is available within the Housing Development Fund to cover the costs for the Rehab project; $292,320 in Federal Home/match funds is available to assist the Partnership buyers.
Title
Authorizing the provision of HOME/Match funds to assist Housing Initiatives with a rental housing rehab project and HOME/Match funds to assist eligible buyers under a Wisconsin Partnership for Housing Development program in ways that address City, Community and Neighborhood Development Objectives.
Body
AGENCIES:
Housing Initiatives is a local community-based agency established to acquire, rehab or construct, and manage small scale, scattered site housing for very low income persons who are associated with supportive services. Housing Initiatives owns and manages about 36 units of housing.
The Wisconsin Partnership for Housing Development is an organization founded to promote affordable housing throughout the state, providing technical assistance to cities and organizations, managing a statewide down payment assistance program, and in Madison, serving as co-developer of the Coachyard housing project.
PROJECTS:
Housing Initiatives recently acquired a four-plex on East Mifflin Street. The initial renovation budget is inadequate to complete rehab of the building, replace the roof, and bring the building to code. These additional funds would help bring the building to code, and bring a fourth unit within affordability levels.
The Wisconsin Partnership is negotiating with the developers of Hilldale Heights to help market the inclusionary zoning units. The project is to market, provide counseling and down payment assistance to a range of eligible buyers who would not normally access these housing units. Since Hilldale is an employment center, and is located within an area with very few income-eligible owners, this project would help address both workforce housing and fair share housing goals. The funds discussed in t...
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