Fiscal Note
The proposed resolution demonstrates the City’s commitment to create 57 units of Affordable Housing at 7941 Tree Lane. The 2017 Executive Capital Budget was amended by the Board of Estimates (BOE Amendment #2) to appropriate an additional $1.2m to the Affordable Housing project. This amendment is jointly funded: $750,000 as a direct appropriation from the General Fund and $500,000 from reserves in the Affordable Housing Fund. This commitment will allow the project developers to seek WHEDA tax credits when the application period opens during the 1st Quarter of 2017.
Title
Authorizing the allocation of up to $1,250,000 in Affordable Housing Funds to support the development of approximately 57 units of affordable senior housing on property located at 7941 Tree Lane.
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BACKGROUND
On June 7, 2016, the Common Council adopted a resolution authorizing the Community Development Authority to purchase property at 7941 Tree Lane and undertake an RFQ process for a development partner for a mixed-income senior housing project at that site. On August 2, 2016, the Council adopted a second resolution selecting CommonBond Communities as the development and property management partner.
This project anticipated the authorization of Affordable Housing Funds (AHF) to assist the developer in financing the project and in securing federal Low-Income Housing Tax Credits (LIHTC) administered by the Wisconsin Housing and Economic Development Authority (WHEDA) in 2017. LIHTCs are allocated through an annual competitive process with applications due by February 3, 2017. The commitment of City funds proposed by this Resolution is intended to improve the competitiveness of a City-supported application to WHEDA.
The project will include approximately 57 units of housing for seniors, 54 of which will be affordable to households with incomes at or below 60% of the county median income. Provided such tax credits are secured, construction is expected to commence early in 20...
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