Fiscal Note
In 2014, the sale of NSP-funded properties generated $56,460.38 in program income. These funds were returned to the City of Madison to be used in another NSP-eligible property. The NSP program design allows the funds to be given in the form of a grant.
No additional funds are being requested, and there is no impact on the local levy.
Title
Authorizing Wisconsin Partnership for Housing Development (WPHD) to use returned Neighborhood Stabilization Program (NSP) program income in the amount of $56,460.38, under the same terms as the original NSP contract between WPHD and the City of Madison’s Community Development Division (CDD).
Body
In 2009, the City of Madison, through its Community Development Division (CDD), granted Habitat for Humanity $223,331 in NSP funds to develop five units of owner-occupied affordable housing. Through the sale of these units, $56,460.38 of NSP program income was returned to the City of Madison for reuse under the terms of NSP program.
WPHD is currently the only active NSP homeownership contractor with the City of Madison. WPHD proposes to purchase an NSP-eligible foreclosed single-family home in census tract 14.01, and has requested use of NSP program income to assist with the purchase and rehabilitation.
The City’s CDD staff recommends that program income returned from Habitat for Humanity be transferred to WPHD and that the NSP contract with WPHD be amended to reflect this transfer. NSP program income is subject to the same regulations as the original NSP funds. WPHD will be required to follow all NSP regulations to complete this project.
Action
WHEREAS, the Common Council approved the original NSP contract between WPHD and the City of Madison for the purpose of developing affordable housing with NSP funds and NSP program income; and,
WHEREAS, the successful completion of this project will provide one unit of affordable housing to a low- or moderate-income household in the City of Madison; and,
WHEREAS, CDD s...
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