City of Madison - File #: 58033

• File #: 58033
• Version: 1
• Name: Awarding up to $500,000 from the Affordable Housing Fund to support an affordable housing development project, proposed by the Salvation Army of Dane County and selected through a City Request for Proposals (RFP) process, that will construct approximately
• 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-19-00814
• Title: Awarding up to $500,000 from the Affordable Housing Fund to support an affordable housing development project, proposed by the Salvation Army of Dane County and selected through a City Request for Proposals (RFP) process, that will construct approximately 40 units of affordable rental housing in Madison, and authorizing the Mayor and City Clerk to execute a loan agreement with the developer of this project.
• 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
11/5/2019	1	FINANCE COMMITTEE	Referred
11/5/2019	1	COMMON COUNCIL	Referred
10/30/2019	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes a $500,000 loan to The Salvation Army of Dane County, or another LLC owned or controlled by its corporate entity, for TSA Mifflin Street Apartments: a 44-unit rental housing redevelopment with 37 units affordable to households with incomes at or below 30%, 50%, or 60% of the county median income (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 $500,000 from the Affordable Housing Fund to support an affordable housing development project, proposed by the Salvation Army of Dane County and selected through a City Request for Proposals (RFP) process, that will construct approximately 40 units of affordable rental housing in Madison, and authorizing the Mayor and City Clerk to execute a loan agreement with the developer of this project.
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 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 is defined as that which is reserved for households with incomes at or below 60% of the county median income (CMI) and with rents restricted at levels affordable to households at those respective income levels for at least 30 years. The City’s primary strategy in deploying AHF is to leverage other resources, most ...