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File #: 28644    Version: Name: Care net Pregnancy Center of Dane County, Inc.
Type: Resolution Status: Filed
File created: 12/19/2012 In control: COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE
On agenda: 2/5/2013 Final action: 2/5/2013
Enactment date: Enactment #:
Title: SUBSTITUTE - Authorizing the provision of $550,000 from the Affordable Housing Trust Fund and the Housing Development Reserve Fund to Care Net Pregnancy Center of Dane County, Inc. (Care Net). The loans will partially finance the development of 36 units of multi-family rental housing.
Attachments: 1. BOE memo on Care Net housing funding012813.pdf, 2. SR Care Net AHTF Reserve Fund Rental 2013 .pdf, 3. AHTF Rating Sheet 2013.pdf, 4. AHTF Application- CareNet Final 20130111.pdf, 5. Carenet Apt Reserve Fund app.pdf, 6. Religious Affiliation.pdf, 7. Baker Tilly Carenet.pdf, 8. AHTF Application- CareNet original app.pdf, 9. Care Net Res 28644 ver 1.pdf, 10. Email from Ald. Shiva Bidar-Sielaff & Attachments.pdf, 11. Registration Statements.pdf, 12. Carenet letter after meeting & attachment.pdf, 13. Letters from Citizens.pdf
Fiscal Note
Sufficient Federal HOME/HOME Match funds of $150,000 and City Affordable Housing Trust Fund funds of $400,000 are available for this project within the Community Development Division’s Housing Development Reserve Fund and the Affordable Housing Trust Fund, which were authorized as part of the City 2013 Adopted Operating budget. The $400,000 in funding from the Affordable Housing Trust fund will be offered in the form a loan, to be repaid with interest over a sixteen year period.
Title
SUBSTITUTE - Authorizing the provision of $550,000 from the Affordable Housing Trust Fund and the Housing Development Reserve Fund to Care Net Pregnancy Center of Dane County, Inc. (Care Net). The loans will partially finance the development of 36 units of multi-family rental housing.
Body
Care Net is a local community-based medical clinic that provides free pregnancy-related medical services. Care Net will create a stand-alone legal entity for the purpose of providing affordable rental housing for low and moderate income households regardless of religious or political beliefs.

Care Net plans to construct Eagle Harbor Apartments which will consist of 36 units of affordable rental housing on a currently owned parcel of land located at 1360 MacArthur Rd. The proposed redevelopment is a mix of 1, 2, and 3 bedroom units of affordable housing with 30 units for low to moderate income households with income at or below 60% AMI plus six market rate units. This project will create 11 HOME-Assisted and 10 AHTF-Assisted permanently affordable rental housing units. The units will be marketed to income eligible single men, women and families.

Care Net will submit an application for WHEDA Low-Income Housing Tax Credits in February 2013 to partially fund this project in addition to the funds requested from the CDD Division. Commitment of local funds in advance of the tax credit application significantly enhances the applicant’s ability to submit a competitive application. Ca...

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