Fiscal Note
Cost of the projects and a portion of the program administration will be covered by the grant and administered through a segregated fund. The City will apply for $645,000 on behalf of the agencies that are iterated, with a total of $600,000 for acquisition and/or improvements of at least 10 units, with a maximum grant of $60,000 per unit. $45,000 will be retained by the City for administrative expenses.
Title
Authorizing the CDBG Office to submit an application to the State of Wisconsin Dept. of Commerce for Neighborhood Stabilization Program (NSP) Funds on behalf of specific agencies providing housing for lower income households and amending the 2010 CDBG adopted operating budget to recognize $645,000 in additional expenditure and revenue authority.
Body
The City of Madison has worked closely with a Consortium of community-based non-profit agencies that provide affordable housing for low income households. This Consortium effort resulted in the City sponsorship and administration of a contract with the State of Wisconsin for Neighborhood Stabilization Program (NSP) funds for various projects targeted to foreclosed properties in Madison. The goal of these projects is to acquire foreclosed properties, rehabilitate them and either provide affordable rental homes for lower income families or re-sell the newly rehabilitated homes to lower income households at affordable prices. The State is accepting grant applications for additional funds to be granted to previous recipients who agree to meet similar goals. One part of the State funds will be awarded to a specifically designated region of the State that includes the City of Madison, and one part will be awarded, based upon an open competitive process, to Wisconsin communities which show an ability to utilize these funds for eligible purposes.
Agencies:
Ten of the cooperating agencies that were part of the original application for the NSP funds are interested in applying for these additional fun...
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