Fiscal Note
$250,000 in Federal HOME/Match funds is available within the Housing Development fund and/or Acquisition / Rehab fund to cover the costs for the YWCA of Madison, Inc. project.
Title
SUBSTITUTE - Approving $250,000 in HOME funds for acquisition and/or rehabilitation of up to of 11 units in the downtown YWCA of Madison building at 101 E. Mifflin Street to the YWCA of Madison, or related affiliate like the YWCA Madison Housing, LLC in a manner that will address City, community and neighborhood development objectives. Approval is contingent on acceptance of a property appraisal that indicates the loan to value ratio is no greater than 115% consistent with the Program Framework.
Body
The YWCA of Madison is a local community-based agency whose mission includes providing housing and services for homeless families, and very low-income single women and single women with children,
Whereas, the YWCA of Madison is making a long-term commitment to the Mifflin Street site and embarking on a major renovation project that will make improvements to the historic facade of the building, rehabilitate the existing public meeting and office space, and renovate of up to 111 housing units in the building,
Whereas, the Common Council approved Housing Reserve and acquisition/rehab Funds in the 2009 CDBG Office budget for projects offering housing and services,
Whereas, the CDBG Commission and staff have reviewed this proposal and find that it furthers the goals expressed in the five-Year Community and Neighborhood Development Plan,
Now therefore be it resolved that the Common Council approve the provision of funds for the following project, and authorize the Mayor and the City Clerk to enter into agreements with:
The YWCA of Madison, Inc. or a related affliate like the YWCA Madison Housing LLC for up to $250,000 in HOME or HOME Match funds toward refinance for acquisition or rehab and related development costs of up to eleven affordable units
Further be it resolved...
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