City of Madison - File #: 28644

• File #: 28644
• Version: 2
• 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
• 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.

Date	Ver.	Action By	Action	Result
2/5/2013	2	COMMON COUNCIL	Place On File Without Prejudice	Pass
1/28/2013	2	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO PLACE ON FILE WITHOUT PREJUDICE -REPORT OF OFFICER	Pass
1/17/2013	2	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Following Recommendation(s)	Fail
1/9/2013	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
1/8/2013	1	COMMON COUNCIL	Refer	Pass
1/2/2013	1	CDBG Office	Referred for Introduction

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...