City of Madison - File #: 65701

• File #: 65701
• Version: 1
• Name: Authorizing an amendment to loan term awarded in RES-21-00153 that committed about $1.2 million from the Affordable Housing Fund to support owner-occupied development to Madison Area Community Land Trust, Common Wealth Development and Wisconsin Partnershi
• Type: Resolution
• Status: Passed
• File created: 5/26/2021
• In control: Community Development Division
• On agenda: 6/1/2021
• Final action: 6/15/2021
• Enactment date: 6/18/2021
• Enactment #: RES-21-00448
• Title: Authorizing an amendment to loan term awarded in RES-21-00153 that committed about $1.2 million from the Affordable Housing Fund to support owner-occupied development to Madison Area Community Land Trust, Common Wealth Development and Wisconsin Partnership for Housing Development to ensure longer term affordability of property.
• Sponsors: Christian A. Albouras, Nikki Conklin, Barbara Harrington-McKinney, Regina M. Vidaver, Syed Abbas, Satya V. Rhodes-Conway, Charles Myadze, Nasra Wehelie

Date	Ver.	Action By	Action	Result
6/15/2021	1	COMMON COUNCIL	Adopt	Pass
6/7/2021	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
6/3/2021	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
6/1/2021	1	FINANCE COMMITTEE	Referred
6/1/2021	1	COMMON COUNCIL	Referred
5/26/2021	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes amending the loan terms adopted by RES-21-00153 (File #63936) to allow for some of the funds originally awarded to be in the form of a forgivable loan in exchange for a 99 year Land Use Agreement to ensure future sales of the properties benefit low to moderate income households. There are no proposed changes to the level of funding originally awarded. No additional city appropriation is required.
Title
Authorizing an amendment to loan term awarded in RES-21-00153 that committed about $1.2 million from the Affordable Housing Fund to support owner-occupied development to Madison Area Community Land Trust, Common Wealth Development and Wisconsin Partnership for Housing Development to ensure longer term affordability of property.
Body
On February 23, 2021, the City of Madison Common Council passed Resolution RES-21-00153 (Legistar #63936), which approved awarding up to $3.11 million in City and federal funds to proposals submitted to the Community Development Division (CDD) in response to its Housing Forward Request for Proposals (RFP) released on October 30, 2020. Of this $3.11 million, three nonprofit applicants were awarded approximately $1.2 million from the Affordable Housing Fund to support their proposals for acquiring property to create new homeownership opportunities for low- and moderate-income households. The terms of the loans that these nonprofit organizations accepted when they applied for City funds were listed in the RFP. However, to encourage long-term and permanent affordability of these properties, CDD is proposing to change the terms of one of the loans to be more favorable to the nonprofit in exchange for a 99 year Land Use Restriction Agreement on the individual properties.

Action Item
WHEREAS, Community Development Division issued Housing Forward Request for Proposals (RFP #2020-8976) on October 30, 2020 that included loan terms that 50% of the funds awarded for acquisition and rehabilitat...