Fiscal Note
The proposed resolution authorizes awarding up to $1.5 million in HOME Investment Partnership funds and up to $551,000 from the Affordable Housing Fund to help finance the development of affordable housing. The proposed HOME funding is included in the Community Development Division’s (CDD) 2022 adopted operating budget for Community Development Grants. The proposed AHF funding is included within the Affordable Housing - Development Projects capital program (Munis # 17110). No additional City appropriation is required with adoption of this resolution.
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SUBSTITUTE: Awarding up to $1.5 million in HOME Investment Partnership funds and up to $551,000 from the Affordable Housing Fund to help finance the development of affordable housing, as the recommended outcome of a competitive Request for Proposals (RFP) process conducted by the Community Development Division; and authorizing the Mayor and the City Clerk to enter into agreements with those agencies to implement the specified development projects.
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Background
The City of Madison’s 2022 Adopted Capital and Operating Budgets include approximately $4.5 million in HOME Investment Partnerships Program (HOME) funds and up to $3 million from the City’s Affordable Housing Fund for the purpose of supporting affordable housing developments not seeking Low Income Housing Tax Credits. The Community Development Division (CDD) made these funds available through 2022-2023 Housing Forward: Financing for Rental Housing Development Request for Proposal(s).
The Community Development Division (CDD) released the RFP on February 1, 2022, and accepted applications through March 2, 2022. Four organizations submitted proposals for affordable housing development, responding to various preferences and goals identified by the City as necessary for gaining financial assistance, with all meeting the baseline goal to expand the supply of affordable housing for renters.
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