Fiscal Note
The proposed resolution authorizes a long-term deferred loan of $355,000 to Project Home, Inc. for the purpose of rehabilitating the Prairie Crossing property located at 2402-2446 Allied Drive. The loan will support a $1.4 million project to rehabilitate 48 rental units leased to qualified low to moderate-income renters. The proposed loan will be funded by 2015 Community Development Block Grant (CDBG) program income and is contingent upon Project Home, Inc. securing the additional financing needed to complete the project.
Title
Authorizing an allocation of up to $355,000 in CDBG Housing Development Reserve Funds to rehabilitate 48 rental units leased to qualified low- to moderate-income renters by Project Home.
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BACKGROUND
Project Home is a local non-profit that provides affordable housing services to low- and moderate-income households in Madison and Dane County. The organization owns and manages a 48-unit rental property at 2402-2446 Allied Drive, known as Prairie Crossing, which it renovated in 2000 with the aid of low-income housing tax credits.
Prairie Crossing serves a vital role in the Allied Drive area of Madison by serving a large number of low- and moderate-income persons through both the provision of stable housing and resident services. The property has served exclusively households earning at or below 60% of the area median income, with over two-thirds of its households at or below 30% of the area median income. According to Project Home, no evictions have occurred at Prairie Crossing in more than five years, a fact Project Home attributes to the attention its staff gives to each tenant’s housing-related needs. Project Home’s commitment to providing affordable rents and the lack of evictions have underscored this property’s importance to homeless prevention efforts in the City of Madison.
Project Home recently completed a Capital Needs Assessment at Prairie Crossing, which identified several critical maintenance and accessibili...
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