City of Madison - File #: 62430

• File #: 62430
• Version: 1
• Name: Awarding up to $5.77 million from the Affordable Housing Fund to support five affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will support construction of approximately 320 units of new rental hou
• Type: Resolution
• Status: Passed
• File created: 9/30/2020
• In control: Community Development Division
• On agenda: 10/20/2020
• Final action: 10/20/2020
• Enactment date: 10/26/2020
• Enactment #: RES-20-00732
• Title: Awarding up to $5.77 million from the Affordable Housing Fund to support five affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will support construction of approximately 320 units of new rental housing in Madison, about 240 of which will be affordable, and authorizing the Mayor and City Clerk to execute loan agreements with the developers of those projects.
• Sponsors: Satya V. Rhodes-Conway, Christian A. Albouras, Samba Baldeh, Zachary Henak, Keith Furman, Tag Evers, Syed Abbas

Date	Ver.	Action By	Action	Result
10/20/2020	1	COMMON COUNCIL	Adopt	Pass
10/12/2020	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
10/8/2020	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
10/6/2020	1	FINANCE COMMITTEE	Refer
10/6/2020	1	COMMON COUNCIL	Refer	Pass
9/30/2020	1	Community Development Division	Referred for Introduction

Fiscal Note
The 2021 Executive Capital Budget authorizes $5.77 million of new funding for CDD’s Affordable Housing-Development Projects capital program. This program also has remaining budget authority of $3,600,500 from the 2020 Adopted Capital Budget not yet committed to specific housing projects. The proposed resolution uses this program funding to provide up to $5.77 million in direct financial support for five proposed affordable housing developments. The proposed developments will also seek to leverage federal Low-Income Housing Tax Credits allocated by the Wisconsin Housing and Economic Development Authority (WHEDA).

The proposed resolution, if adopted, will allocate up to $5.77 million in City-administered funds for the five projects identified below. Collectively, these projects will contribute to the development of approximately 320 units of new rental housing, about 240 units of which will be affordable. The resolution proposes the following allocation of funds:
· Up to $1,040,000 to AgeBetter, Inc. and Gorman & Company, LLC for AgeBetter Community Living
· Up to $1,680,000 to JT Klein Company, Inc. for Westgate Commons
· Up to $1,200,000 to Madisonian Development, LLC for The Madisonian Apartments
· Up to $1,350,000 to Northpointe Development, Inc. for Uno’s Madison Apartments
· Up to $500,000 to The Salvation Army, Inc. for The Sheild Apartments
Title
Awarding up to $5.77 million from the Affordable Housing Fund to support five affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will support construction of approximately 320 units of new rental housing in Madison, about 240 of which will be affordable, and authorizing the Mayor and City Clerk to execute loan agreements with the developers of those projects.
Body
Background
The City of Madison’s 2021 Executive Capital Budget proposes to increase the City’s commitment to the Affordable Housing Fund by $500,000, to $5.77 million. The AHF was fi...