Fiscal Note
The proposed resolution authorizes awarding up to $690,000 in Affordable Housing Fund dollars to the Madison Revitalization and Community Development Corporation (MRCDC) to rehabilitate five (5) vacant affordable units at separate scattered site properties to address capital investment needs and modernization. The proposed $690,000 will be funded from the $2 million of Affordable Housing Fund dollars reserved for City of Madison or CDA sponsored activities. No additional City appropriation is required with adoption of this resolution.
Title
Authorizing the allocation of up to $690,000 of City Affordable Housing Funds to Madison Revitalization and Community Development Corporation (MRCDC) to help finance the rehabilitation and preservation of five (5) vacant units at separate scattered site properties currently owned by MRCDC, and authorizing the Mayor and the City Clerk to enter into a Loan Agreement.
Body
Background
The Madison Revitalization and Community Development Corporation (MRCDC) was established on September 8, 1998 to invest in, receive, hold, use, and dispose of real or personal property and to engage in related activities to facilitate community redevelopment. The MRCDC is recognized under Wisconsin state law as a non-stock, 501(c)(3) Non-Profit Corporation and is legally separate from the Community Development Authority (CDA). The MRCDC’s primary mission is to serve and be accountable to low-income persons and communities through representation on its governing board. The MRCDC has corporate bylaws which govern its operating rules.
On January 1, 2022, the MRCDC acquired 12 parcels (32 units) of former Public Housing from the CDA. The MRCDC maintains the scattered site properties as affordable housing for low-income families at or below 80 percent of AMI through a recorded, long-term land-use restriction (affordability covenant), as required by HUD. The MRCDC has entered into a Section 8 Project-Based Voucher contract with the Madison ...
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