Fiscal Note
An investment of up to $6 million was authorized for the Affordable Housing Fund as part of the City’s 2016 Adopted Capital Budget (Community Development Division Project No. 17110).
Title
Authorizing the allocation of Affordable Housing Funds to support the creation of approximately 160 units of affordable rental housing in Madison, Wisconsin.
Body
BACKGROUND
The City of Madison’s adopted 2016 Capital Budget authorizes $6 million for the Affordable Housing Fund (AHF). The adopted AHF guidelines stipulate that a portion of the fund will be used to help increase or preserve the supply of affordable rental housing, and establish a goal of adding approximately 150 affordable rental units per year.
The AHF guidelines also stipulate that these City funds may be used to leverage federal Low-Income Housing Tax Credits (LIHTC) administered by the Wisconsin Housing and Economic Development Authority (WHEDA). LIHTCs are allocated through an annual competitive process with applications due by January 29, 2016. The commitment of City funds proposed by this Resolution is intended to improve the competitiveness of City-supported applications to WHEDA.
ACTION
WHEREAS, in order to carry out the objective of expanding the supply of affordable rental housing, which is embodied in the 2016 Capital Budget, and using City resources in concert with federal Low-Income Housing Tax Credits, and as authorized by the Mayor and the Common Council in RES-15-00522 (adopted 6/16/15, Legistar #38491), the Community Development Division issued a Request for Proposals (RFP) in June 2015 seeking tax credit eligible projects; and,
WHEREAS, the RFP offered up to $3 million in Affordable Housing Funds to support such projects, contingent upon the approval of these funds as part of the adopted 2016 Capital Budget; and,
WHEREAS, in response to the RFP, the City received applications for the following five projects:
• Mifflin Street Apartments, submitted by Stone House Developme...
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