City of Madison - File #: 27743

• File #: 27743
• Version: 1
• Name: Authorizing $180,000 from the Affordable Housing Trust Fund (AHTF) to the Community Development Authority. The loan will partially finance up to six (6) owner-occupied units at Mosaic Ridge subdivision, part of the Allied Drive Redevelopment Plan.
• Type: Resolution
• Status: Passed
• File created: 9/19/2012
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 10/16/2012
• Final action: 10/16/2012
• Enactment date: 10/18/2012
• Enactment #: RES-12-00793
• Title: Authorizing $180,000 from the Affordable Housing Trust Fund (AHTF) to the Community Development Authority. The loan will partially finance up to six (6) owner-occupied units at Mosaic Ridge subdivision, part of the Allied Drive Redevelopment Plan.
• Sponsors: Tim Bruer, Lauren Cnare, Matthew J. Phair

Date	Ver.	Action By	Action	Result
10/16/2012	1	COMMON COUNCIL	Adopt	Pass
10/8/2012	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
10/4/2012	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
10/3/2012	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
10/2/2012	1	COMMON COUNCIL	Referred
9/26/2012	1	CDBG Office	Referred for Introduction

Fiscal Note
Sufficient funds are available for this project within the Affordable Housing Trust Fund. Per formulas stated in MGO 4.22, a total of $1,548,393 in AHTF funds are available for distribution during 2012, with a maximum amount per project of $774,196. The use of these funds will have no impact on the local levy.
Title
Authorizing $180,000 from the Affordable Housing Trust Fund (AHTF) to the Community Development Authority. The loan will partially finance up to six (6) owner-occupied units at Mosaic Ridge subdivision, part of the Allied Drive Redevelopment Plan.
Body
The Community Development Authority of the City of Madison (CDA) intends to build 24 single family homes in the Allied Drive Neighborhood subdivision which has been named “Mosaic Ridge”. One third of the homes are to be affordable to families at or below 50% of the area median income. One third are to be affordable to families with incomes between 50% and 80% of the area median income and one third will have no income restrictions. AHTF funds will be targeted to 4 homes affordable to families at or below 60% of the area median income and 2 homes affordable to families at or below 80% of the area median income.

The CDA will be identifying, screening, and contracting with buyers prior to construction of a home. There will be no building of speculative homes in the subdivision. In order to close a financing gap for the project, AHTF will be used to partially fund a construction loan fund for low-moderate income buyers at Mosaic Ridge. CDA will provide the remaining funds for the construction loan fund. CDA will originate construction financing for up to three properties at a time, in which funds will revolve once to provide up to six properties with construction financing within a three 3 year period.

WHEREAS, the CDBG staff and the CDBG Committee have reviewed the proposal and find that it furthers the goals expressed in the Affordable Housing Trust Fund ordinance (MGO 4.22) and the 2...