City of Madison, Wisconsin | Legislative Information Center
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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
Attachments: 1. AHF 2019 Memo to CDBG Committee 093019.pdf, 2. AHF Recommendation Summary 2019.pdf, 3. 1212 Huxley AHF App CDBG Cmte.pdf, 4. Elderberry Place AHF App CDBG Cmte.pdf, 5. Red Caboose AHF App CDBG Cmte.pdf, 6. TSA Mifflin Street Apartments AHF App CDBG Cmte.pdf
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...

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