City of Madison - File #: 57594

• File #: 57594
• Version: 1
• Name: Awarding up to $3.225 million from the Affordable Housing Fund and $900,000 in Federal HOME funds to support three affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will construct approximately 200
• Type: Resolution
• Status: Passed
• File created: 9/25/2019
• In control: Community Development Division
• On agenda: 10/15/2019
• Final action: 10/15/2019
• Enactment date: 10/19/2019
• Enactment #: RES-19-00724
• Title: Awarding up to $3.225 million from the Affordable Housing Fund and $900,000 in Federal HOME funds to support three affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will construct approximately 200 units of affordable rental housing in Madison, and authorizing the Mayor and City Clerk to execute loan agreements with the developers of those projects.
• Sponsors: Christian A. Albouras, Samba Baldeh, Zachary Henak, Marsha A. Rummel

Date	Ver.	Action By	Action	Result
10/15/2019	1	COMMON COUNCIL	Adopt	Pass
10/7/2019	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
10/3/2019	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
10/1/2019	1	FINANCE COMMITTEE	Referred
10/1/2019	1	COMMON COUNCIL	Refer	Pass
9/25/2019	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes awarding $4.125 million in loans for three proposed affordable housing developments. The $4.125 million is split between the Community Development Division’s Affordable Housing-Development Projects capital program and HOME program. Collectively, these projects will contribute to the development of approximately 200 units of affordable rental housing. The resolution proposes the following allocation of funds:
· Up to $1,400,000 million of Affordable Housing funds to Age Better, Inc. and Gorman & Company, LLC or an affiliate LLC for Elderberry Place Apartments
· Up to $1,700,000 million of Affordable Housing funds to MSP Real Estate, Inc., or an affiliate LLC for 1212 Huxley Street Apartments
· Up to $1,025,000 ($125,000 of Affordable Housing funds and $900,000 of HOME funds) to Movin’ Out, Inc., or an affiliate LLC for Red Caboose Apartments

The 2019 Adopted Operating Budget includes $2.1 million in federal HOME Investment Partnership funds and the Affordable Housing-Development Projects capital program available balance is approximately $6.2 million. The proposed developments will also seek federal Low-Income Housing Tax Credits allocated by the Wisconsin Housing and Economic Development Authority (WHEDA). No additional City appropriation is required with the authorization of the proposed loans.

Title
Awarding up to $3.225 million from the Affordable Housing Fund and $900,000 in Federal HOME funds to support three affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will construct approximately 200 units of affordable rental housing in Madison, and authorizing the Mayor and City Clerk to execute loan agreements with the developers of those projects.
Body
Background
The City of Madison’s 2020 Executive Capital Budget is expected to increase the City’s commitment to the Affordable Housing Fund by $500,000, to an annual level of $5 million. The AHF was first aut...