City of Madison, Wisconsin | Legislative Information Center
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File #: 59334    Version: 1 Name: Awarding up to $1,800,000 from the Affordable Housing Fund to support a rental housing development project, proposed by Rule Enterprises LLC and Movin’ Out, Inc., selected through a City Request for Proposals (RFP) process, that will construct approximate
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-20-00144
Title: Awarding up to $1,800,000 from the Affordable Housing Fund to support a rental housing development project, proposed by Rule Enterprises LLC and Movin’ Out, Inc., selected through a City Request for Proposals (RFP) process, that will construct approximately 150 units of rental housing at 1402 S. Park Street in Madison, with 94 units affordable to households with incomes at or below 50% of the county median income, and authorizing the Mayor and City Clerk to execute a loan agreement with the developer.
Sponsors: Christian A. Albouras, Samba Baldeh, Zachary Henak, Sheri Carter, Tag Evers
Attachments: 1. Rule Enterprises Truman Olson RFP Response & Supplemental Docs Jan 28 2020.pdf, 2. Truman Olson Updated Financials and Org Chart.pdf
Fiscal Note
The proposed $1.8 million 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 $7,900,000. No additional City appropriation is required for the proposed loan. The Community Development Division also has committed loans that have yet to be charged to the capital program. After accounting for these committed loans the remaining available budget for the Affordable Housing-Development Projects capital program will be approximately $3,500,000.
Title
Awarding up to $1,800,000 from the Affordable Housing Fund to support a rental housing development project, proposed by Rule Enterprises LLC and Movin’ Out, Inc., selected through a City Request for Proposals (RFP) process, that will construct approximately 150 units of rental housing at 1402 S. Park Street in Madison, with 94 units affordable to households with incomes at or below 50% of the county median income, and authorizing the Mayor and City Clerk to execute a loan agreement with the developer.
Body
The City’s approved 2020 Capital Budget includes authorization for an additional $5.5 million of spending for the Affordable Housing Fund (AHF). At present, $3,500,500 of AHF remain uncommitted to specific housing projects. This resolution draws on that resource to provide up to $1,800,000 in direct financial support for a proposed affordable housing development.

This resolution, if adopted, will allocate up to $1,800,000 in City-administered AHF funds to Fourteen02 on Park, LLC, or an affiliate LLC owned or controlled by Rule Enterprises LLC and Movin’ Out, Inc., for the proposed rental housing development at Truman Olson outlined below. City funds will contribute to the development of 150 units of affordable rental housing, 94 of which would be available to ...

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