City of Madison - File #: 30269

• File #: 30269
• 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: 5/17/2013
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 6/4/2013
• Final action: 6/18/2013
• Enactment date: 6/19/2013
• Enactment #: RES-13-00448
• 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: Maurice S. Cheeks, Lauren Cnare, Matthew J. Phair

Date	Ver.	Action By	Action	Result
6/18/2013	1	COMMON COUNCIL	Adopt	Pass
6/10/2013	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
6/6/2013	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
6/4/2013	1	BOARD OF ESTIMATES (ended 4/2017)	Referred
6/4/2013	1	COMMON COUNCIL	Refer	Pass
5/29/2013	1	Community Development Division	Referred for Introduction

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
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.

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 mental illness; and

WHEREAS, the successful completion of this project will also meet the high priority of reducing the number of foreclosed properties that negatively impact neighborhoods, especially...