City of Madison - File #: 58032

• File #: 58032
• Version: 1
• Name: Awarding up to $450,000 from the Affordable Housing Fund to support a rental housing development project, proposed by Stone House Development selected through a City Request for Proposals (RFP) process, that will construct approximately 20 units of rental
• Type: Resolution
• Status: Passed
• File created: 10/30/2019
• In control: Community Development Division
• On agenda: 11/5/2019
• Final action: 12/3/2019
• Enactment date: 12/6/2019
• Enactment #: RES-19-00813
• Title: Awarding up to $450,000 from the Affordable Housing Fund to support a rental housing development project, proposed by Stone House Development selected through a City Request for Proposals (RFP) process, that will construct approximately 20 units of rental housing in Madison, affordable to households with incomes at or below 60% of the county median income, and authorizing the Mayor and City Clerk to execute a loan agreement with the project developer.
• Sponsors: Christian A. Albouras, Samba Baldeh, Zachary Henak

Date	Ver.	Action By	Action	Result
12/3/2019	1	COMMON COUNCIL	Adopt	Pass
11/25/2019	1	FINANCE COMMITTEE
11/7/2019	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
11/6/2019	1	FINANCE COMMITTEE	Refer
11/5/2019	1	COMMON COUNCIL	Referred
10/30/2019	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes a $450,000 loan to Block 88, LLC, or another LLC owned or controlled by Stone House Development, for the 161-unit rental housing redevelopment at Judge Doyle Square with at least 20 units affordable to households with incomes at or below 60% of the county median income (CMI) and at least 17 more affordable to households with incomes at or below 80% of the CMI.

The proposed loan will be funded by the Affordable Housing-Development Projects capital program in the Community Development Division’s capital budget. After adopting the proposed resolution and loan amount, the available budget for the Affordable Housing-Development Projects capital program will be approximately $2,040,000. No additional City appropriation is required for the proposed loan.The 2020 Executive Capital Budget includes an additional $5 million for the Affordable Housing-Development Projects capital program.
Title
Awarding up to $450,000 from the Affordable Housing Fund to support a rental housing development project, proposed by Stone House Development selected through a City Request for Proposals (RFP) process, that will construct approximately 20 units of rental housing in Madison, affordable to households with incomes at or below 60% of the county median income, and authorizing the Mayor and City Clerk to execute a loan agreement with the project developer.
Body
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 authorized in the 2015 Capital Budget to help increase and/or preserve the supply of affordable rental housing. For purposes of this initiative, affordable rental housing has been defined as that which is reserved for households with incomes at or below 60% of the CMI and with rents restricted at levels affordable to households at those respective income levels for at least 30 years. The Cit...