Fiscal Note
The Community Development Division submitted a supplemental project request (#S3) as part of the Planning and Community and Economic Development agency's 2015 Capital Budget request, for the purpose of providing ongoing support for a variety of programs and activities designed to expand and improve the supply of affordable housing in Madison. This Resolution authorizes the CDD to partner with WHEDA in an effort which would assist in sustaining the proposed Affordable Housing Fund with Low Income Housing Tax Credits (LIHTC). Due to the RFP timing required for the City to be effective in its partnership with WHEDA, it must release an RFP in August 2014 and complete project selection by December 2014.
Any recommendations for funding of individual projects as a result of the RFP process will be contingent upon the availability of funds in the City’s Adopted 2015 Capital Budget, subject to approval by the Common Council, and will be authorized under separate Resolution(s).
Title
Authorizing a Request for Proposal that solicits applications for affordable rental housing projects that utilize Low Income Housing Tax Credits.
Body
Background
Each year the Wisconsin Housing and Economic Development Authority (WHEDA) issues a Request for Proposals to solicit applications for affordable housing utilizing Low Income Housing Tax Credits (LIHTC). The next RFP is anticipated shortly with a due date of January 2015. LIHTC are the primary source for building large numbers of affordable rental housing for low-income residents. Partnering with WHEDA and LIHTC is the best way for the City to maximize its return on investment. The Community Development Division has requested fundsin the 2015 capital budget to support the goal of increasing the supply of affordable rental housing. If the City is to be effective in this partnership it is imperative that the Community Development Division release an RFP for City funds in August 2014 and complete project selection no ...
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