City of Madison, Wisconsin | Legislative Information Center
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File #: 26478    Version: 1 Name: Authorizing up to $139,100 in Reserve and/or Scattered Site Funds to assist Housing Initiatives, Inc. to acquire and rehabilitate rental housing in 2012.
Type: Resolution Status: Passed
File created: 5/23/2012 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 7/3/2012 Final action: 7/3/2012
Enactment date: 7/5/2012 Enactment #: RES-12-00489
Title: Authorizing up to $139,100 in Reserve and/or Scattered Site Funds to assist Housing Initiatives, Inc. to acquire and rehabilitate rental housing in 2012.
Sponsors: Tim Bruer, Lauren Cnare, Matthew J. Phair
Attachments: 1. HII Res Fund App Form Pinecrest w sign.pdf, 2. HII Pro Forma Pinecrest.pdf, 3. HII HOME Rental Acq 2012 Staff Review Pinecrest.pdf
Fiscal Note
Sufficient Federal HOME, HOME Match &/or Scattered Site funds of $139,100 are available for this project within the Community Development Division’s Housing Development Reserve Fund, which was authorized as part of the CD Division’s 2012 Adopted Operating Budget.
Title
Authorizing up to $139,100 in Reserve and/or Scattered Site Funds to assist Housing Initiatives, Inc. to acquire and rehabilitate rental housing in 2012.
Body
Housing Initiatives is a local community-based agency that provides permanent, affordable rental housing to people who are homeless and disabled through chronic mental illness. Housing Initiatives acquires and rehabilitates property, manages the property as affordable housing, and actively assists their tenants in maintaining case management services.

Housing Initiatives proposes to purchase and rehabilitate a four (4) unit property with two 1-BR and two 2-BR units at 706 Pinecrest Drive to provide affordable rental housing for people who have a chronic mental illness disability and are homeless. HII has an accepted Offer to Purchase for this vacant, bank-owned foreclosed property.

ACTION:
WHEREAS, the CDBG staff and the CDBG Committee have reviewed this proposal and find that it furthers the goals expressed in the 2010-2014 Five-Year Community and Neighborhood Development Plan and the 2012 Community Action Plan; and

WHEREAS, this project is eligible based on the 2011-2012 Community Development Program Goals and Priorities; and

WHEREAS, the successful completion of this project will add to the permanent, affordable rental housing stock which is in high demand for low-income homeless people who are disabled through chronic mental illness; and

WHEREAS, the successful completion of this project will also meet the high priority of converting foreclosed multi-unit properties; and

WHEREAS, receipt of up to $139,100 in Reserve Funds from the CDD is contingent upon Housing Initiatives, Inc. obtaining sufficient financing to...

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