City of Madison, Wisconsin | Legislative Information Center
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File #: 28407    Version: 1 Name: Authorizing up to $216,000 in Housing Development Reserve Funds to assist Housing Initiatives, Inc. to acquire and rehabilitate rental housing in 2013.
Type: Resolution Status: Passed
File created: 11/19/2012 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 1/22/2013 Final action: 1/22/2013
Enactment date: 1/23/2013 Enactment #: RES-13-00035
Title: Authorizing up to $216,000 in Housing Development Reserve Funds to assist Housing Initiatives, Inc. to acquire and rehabilitate rental housing in 2013.
Sponsors: Tim Bruer, Lauren Cnare, Matthew J. Phair, Anita Weier
Attachments: 1. HII HOME Foreclosed Rental Acq 2013 Staff Review.pdf, 2. HII funds to acquire foreclosed letter.pdf, 3. HII summer app reserve funds.pdf, 4. Reg State D Loumos.pdf
Fiscal Note
Sufficient Federal HOME, HOME Match and/or CDBG funds 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 2013 Adopted Operating Budget.
Title
Authorizing up to $216,000 in Housing Development Reserve Funds to assist Housing Initiatives, Inc. to acquire and rehabilitate rental housing in 2013.
Body
BACKGROUND:
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.

In the past few years, Housing Initiatives has been successful in acquiring and rehabilitating vacant foreclosed multi-family properties for rental housing. This approach helps to address the problems associated with foreclosed properties while also meeting the goal of increasing the number of affordable rental units at a reasonable price. With this commitment of funds, HII will seek to acquire and rehabilitate a 4-unit vacant, foreclosed bank-owned property. The Community Development Program Goals and Priorities requires that applications for projects funded out of the Housing Development Reserve Fund identify a site specific project.

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 2013 Community Action Plan; and

WHEREAS, this project is eligible based on the 2013-2014 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 people who are homeless and disabled through chronic m...

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