City of Madison - File #: 21368

• File #: 21368
• Version: 1
• Name: Amending Resolution 18929 providing HOME Match funds to Common Welath Development for 433 Cantwell Ct and 1526 Jenifer St
• Type: Resolution
• Status: Passed
• File created: 2/9/2011
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 3/15/2011
• Final action: 3/15/2011
• Enactment date: 3/16/2011
• Enactment #: RES-11-00215
• Title: Amending Resolution 18929 to allow Common Wealth Development (CWD) to acquire and rehab 433 Cantwell Ct. instead of 434 S. Thornton Ave. Resolution 18929 authorized the provision of $432,000 in Federal HOME Match funds to CWD to assist them acquiring and rehabilitating two 4 - unit buildings to provide affordable rental housing.
• Sponsors: Shiva Bidar, Tim Bruer, Marsha A. Rummel

Date	Ver.	Action By	Action	Result
3/15/2011	1	COMMON COUNCIL	Adopt	Pass
3/7/2011	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
3/3/2011	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
3/1/2011	1	COMMON COUNCIL	Referred
2/23/2011	1	Community Development Division	Referred for Introduction

Fiscal Note
Funding of $432,000 for Common Wealth property acquisition and rehabilitation was previously approved via Resolution No. 18929 (RES 10-00678), adopted 7/20/2010. This Resolution reallocates the funding for a different property acquisition. There is no net fiscal impact.
Title
Amending Resolution 18929 to allow Common Wealth Development (CWD) to acquire and rehab 433 Cantwell Ct. instead of 434 S. Thornton Ave. Resolution 18929 authorized the provision of $432,000 in Federal HOME Match funds to CWD to assist them acquiring and rehabilitating two 4 - unit buildings to provide affordable rental housing.
Body
Common Wealth Development is a community-based agency that for over 30 years has provided construction of affordable rental housing and economic development projects that have enhanced the quality of life within the Williamson-Marquette neighborhood.

Common Wealth will acquire two of three 4-unit buildings that have been abandoned and vacant since 2008. Common Wealth will rehabilitate all 8 units and turn them into safe affordable housing for 8 households, with 4 units also having accessibility incorporated into the design. It is anticipated that another non-profit agency will acquire the third 4-unit building in this group, 434 S. Thornton Ave.

WHEREAS, the CDBG staff and the CDBG Committee have received this proposal and find that it furthers the goals expressed in the 2010-2014 Five-Year Community and Neighborhood Development Plan and the 2010 Community Action Plan; and,

WHEREAS, the acquisition and rehabilitation of 2 properties located within the Williamson-Marquette neighborhood at 433 Cantwell Ct. and 1526 Jenifer St. will provide long-term affordable rental housing; and,

WHEREAS, the successful completion of the project will provide affordable housing to 8 LMI households;

NOW, THEREFORE BE IT RESOLVED that the Common Council authorize a long-term deferred loan to Common Wealth Development, Inc. to acquire and rehabilitate 8 units...