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File #: 41202    Version: 1 Name: Authorizing the Mayor and City Clerk to execute an extension of loan agreements with the Urban League of Greater Madison, revising the repayment dates for CDBG loans used to support ULGM’s acquisition of properties at 3 Montana Circle and 1401 Wyoming Way
Type: Resolution Status: Passed
File created: 12/22/2015 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 1/19/2016 Final action: 1/19/2016
Enactment date: 1/22/2016 Enactment #: RES-16-00065
Title: Authorizing the Mayor and City Clerk to execute an extension of loan agreements with the Urban League of Greater Madison, revising the repayment dates for CDBG loans used to support ULGM’s acquisition of properties at 3 Montana Circle and 1401 Wyoming Way.
Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair, Amanda Hall
Attachments: 1. ULGM Subordinate.pdf
Fiscal Note
This Resolution seeks to extend the terms of two federal CDBG loans that were made available to homebuyers through the Urban League of Greater Madison’s 2007 Single Family Rent-to-Own (SFRO) program, the funding for which was authorized by the Common Council as part of the City’s 2007 Adopted Operating Budget.

No additional funds are being requested by this Resolution, and the extension of these loan terms will have no impact on the City levy.
Title
Authorizing the Mayor and City Clerk to execute an extension of loan agreements with the Urban League of Greater Madison, revising the repayment dates for CDBG loans used to support ULGM’s acquisition of properties at 3 Montana Circle and 1401 Wyoming Way.
Body
BACKGROUND

The Urban League of Greater Madison (ULGM) administered its Single-Family Rent-to-Own (SFRO) program from 1995 to 2007, a program which received financial support through the City’s CDBG Office. The SFRO program was designed to help larger, low-income families build financial independence through homeownership and financial counseling.

Under the program, ULGM used federal CDBG funds to purchase and rehabilitate a total of 56 single-family homes in various neighborhoods throughout the city. The homes were made available to families through a 15-year lease-purchase arrangement with rents set at affordable levels, subsidized with federal low-income housing tax credits. Two 2007 SFRO properties, 3 Montana Circle and 1401 Wyoming Way, remain in ULGM’s program under lease agreements because their occupants cannot yet afford to purchase them. This Resolution seeks to extend the terms of the CDBG loans used to acquire these two properties until February 1, 2026.

ACTION

WHEREAS, funding for the Urban League of Greater Madison’s 2007 Single-Family Rent-to-Own (SFRO) program was authorized by the Common Council as part of the City’s 2007 Adopted Operating Budget, for the purpose of providing support for ULGM’s purchase and rehabilitation o...

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