Madison, WI Header
Share to Facebook Share to Twitter Bookmark and Share
File #: 49037    Version: 1 Name: Authorizing the allocation of up to $1.48 million from the Affordable Housing Fund to support the development of approximately 50 units of affordable senior housing on property located at 7941 Tree Lane and authorizing the Mayor and City Clerk to execute
Type: Resolution Status: Passed
File created: 9/27/2017 In control: FINANCE COMMITTEE
On agenda: 10/17/2017 Final action: 10/17/2017
Enactment date: 10/19/2017 Enactment #: RES-17-00848
Title: Authorizing the allocation of up to $1.48 million from the Affordable Housing Fund to support the development of approximately 50 units of affordable senior housing on property located at 7941 Tree Lane and authorizing the Mayor and City Clerk to execute a loan agreement with CommonBond Communities for its development.
Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair, Paul E. Skidmore
Attachments: 1. CD Tree Ln Senior Housing Memo.pdf, 2. CB Tree Lane Cover Letter 2017.pdf, 3. Tree Lane_Unit Mix_Budget_Workbook_09.26.17.pdf
Fiscal Note
The 2017 Adopted Capital Budget authorized $1.25 million within the Affordable Housing Fund to help finance the creation of 50 units of new affordable rental housing for seniors. The project did not receive funding through the 2017 WHEDA Low-Income Tax Credit process. The Developer plans to resubmit the project for tax credits in the upcoming application cycle; this resolution, if adopted, recommits the previously authorized funds for the project.

Title
Authorizing the allocation of up to $1.48 million from the Affordable Housing Fund to support the development of approximately 50 units of affordable senior housing on property located at 7941 Tree Lane and authorizing the Mayor and City Clerk to execute a loan agreement with CommonBond Communities for its development.
Body
BACKGROUND
The City of Madison’s 2018 Capital Budget is expected to authorize continuation of the Affordable Housing Fund (AHF), at an annual level of $4.5 million. The AHF was created in 2015 to help increase and/or preserve the supply of affordable rental housing. It seeks to leverage other financing resources, most notably federal Low-Income Housing Tax Credits (LIHTCs), to help achieve the City’s goal of adding approximately 150-200 new affordable rental units per year.

In Wisconsin, LIHTCs are administered by the Wisconsin Housing and Economic Development Authority (WHEDA). WHEDA allocates credits annually through a highly competitive process. The review criteria that WHEDA employs favors development proposals that demonstrate local financial participation.

On June 7, 2016, the Common Council adopted a resolution (RES-16-00433) authorizing the Community Development Authority to purchase property at 7941 Tree Lane and undertake an RFQ process to select a development partner for a mixed-income senior housing project at that site. On August 2, 2016, the Council adopted a second resolution RES-16-00585 selecting CommonBond Communities as the development and property man...

Click here for full text