City of Madison, Wisconsin | Legislative Information Center
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File #: 59333    Version: 1 Name: Authorizing an allocation of up to $1,045,000 in federal HOME Investment Partnerships Program funds to construct 11 rental housing units leased to qualified low- to moderate-income renters by Common Wealth Development.
Type: Resolution Status: Passed
File created: 1/29/2020 In control: Community Development Division
On agenda: 2/25/2020 Final action: 2/25/2020
Enactment date: 3/2/2020 Enactment #: RES-20-00143
Title: Authorizing an allocation of up to $1,045,000 in federal HOME Investment Partnerships Program funds to construct 11 rental housing units leased to qualified low- to moderate-income renters by Common Wealth Development.
Sponsors: Christian A. Albouras, Samba Baldeh, Zachary Henak
Attachments: 1. Staff Review 2020 - CWD 5802 Raymond Road.pdf
Fiscal Note
The proposed $1.05 million loan will be funded by the Community Development Division’s HOME program. The 2020 Adopted Operating Budget includes $2.04 million in federal HOME Investment Partnership funds. No additional City appropriation is required with the authorization of the proposed loan.

Title
Authorizing an allocation of up to $1,045,000 in federal HOME Investment Partnerships Program funds to construct 11 rental housing units leased to qualified low- to moderate-income renters by Common Wealth Development.
Body
BACKGROUND
Common Wealth Development (CWD) is a local non-profit that provides affordable housing services to low- and moderate-income households in the City of Madison. The organization has an option to purchase a vacant lot in the Meadowood neighborhood on the City’s southwest side, and is proposing to build an 11-unit mixed-use rental property at 5802 Raymond Road.
CWD serves a vital role in and around the Meadowood neighborhood by serving a large number of low- and moderate-income households through both the provision of stable housing and resident services. The agency has primarily served households earning at or below 80% of the area median income, and 100% of the units in the proposed development will serve low- and moderate-income households. Three units will serve very low-income households with incomes not exceeding 50% of the area median income, seven units will serve households earning no more than 60% of the area median income, and one unit will serve households with incomes not exceeding 80% of the area median income. CWD’s commitment to providing affordable rents and the low number of evictions within its portfolio have underscored this agency’s importance to neighborhood stabilization efforts in the City of Madison.
The City of Madison Community Development Division has provided funds to Common Wealth Development for housing rehabilitation and service provision in the area several times in the past. That includes a t...

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