City of Madison, Wisconsin | Legislative Information Center
Share to Facebook Share to Twitter Bookmark and Share
File #: 67620    Version: Name: SUBSTITUTE: Authorizing the allocation of up to $210,000 of City Affordable Housing Funds to Common Wealth Development to help finance the purchase of 601 S. Baldwin, a recommendation resulting from a competitive Request for Proposal process conducted by
Type: Resolution Status: Passed
File created: 9/29/2021 In control: Community Development Division
On agenda: 10/19/2021 Final action: 10/19/2021
Enactment date: 10/25/2021 Enactment #: RES-21-00716
Title: SUBSTITUTE: Authorizing the allocation of up to $210,000 of City Affordable Housing Funds to Common Wealth Development to help finance the purchase of 601 S. Baldwin, a recommendation resulting from a competitive Request for Proposal process conducted by the Community Development Authority, and authorizing the Mayor and the City Clerk to enter into a Loan Agreement.
Sponsors: Satya V. Rhodes-Conway, Christian A. Albouras, Nikki Conklin, Barbara Harrington-McKinney, Syed Abbas, Yannette Figueroa Cole, Nasra Wehelie, Regina M. Vidaver, Brian Benford, Sheri Carter
Attachments: 1. AHF to CWD for 601 Baldwin 67620 ver 1.pdf, 2. Registered Public Speakers 10-7-21 CDBG Committee.pdf
Fiscal Note
The proposed resolution authorizes awarding up to $210,000 in affordable housing development loans to Common Wealth Development, Inc. for the purpose of purchasing two units of affordable rental housing from the Madison Community Development Authority (CDA) at 601 S Baldwin in Madison. The proposed $210,000 developer loan will be funded by the estimated $2.4 million of remaining budget authority not yet committed to specific housing projects within the Affordable Housing-Development Projects capital program. No additional City appropriation is required with adoption of this resolution.
Title
SUBSTITUTE: Authorizing the allocation of up to $210,000 of City Affordable Housing Funds to Common Wealth Development to help finance the purchase of 601 S. Baldwin, a recommendation resulting from a competitive Request for Proposal process conducted by the Community Development Authority, and authorizing the Mayor and the City Clerk to enter into a Loan Agreement.
Body
Action:
WHEREAS, The Community Development Authority (“CDA”) acquired a property at 601 S. Baldwin Street (the “Two-Flat”) from the Madison Mutual Housing Association (“MMHA”) in October of 1995 as part of a package of real estate holdings that included twenty eight (28) apartments and a commercial building at the corner of Dayton Street and Blount Street (“the Reservoir”); and,
WHEREAS, the terms of the acquisition included the CDA’s assumption of MMHA loans from the City of Madison and the Wisconsin Housing and Economic Development Authority which are secured by the Two-Flat and the Reservoir; and,
WHEREAS, the CDA authorized the issuance of a request for proposals (RFP) on July 18, 2018 (Resolution # 4282, Legistar # 51935) for the sale of the Two Flat at market value, and to use the proceeds to repay all or a portion of said loan from the City; and,
WHEREAS, said RFP was issued in 2021, and CDA received two proposals to acquire the Two-Flat; and,
WHEREAS, the CDA and Community Development ...

Click here for full text