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File #: 74454    Version: 1 Name: Awarding up to $8,950,000 from the Affordable Housing Fund to support three affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will support construction of approximately 500 units of new rental housi
Type: Resolution Status: Passed
File created: 10/26/2022 In control: Community Development Division
On agenda: 12/6/2022 Final action: 12/6/2022
Enactment date: 12/9/2022 Enactment #: RES-22-00823
Title: Awarding up to $8,950,000 from the Affordable Housing Fund to support three affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will support construction of approximately 500 units of new rental housing in Madison, 344 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, Nikki Conklin, Barbara Harrington-McKinney, Matthew J. Phair, Keith Furman, Tag Evers, Patrick W. Heck, Yannette Figueroa Cole, Charles Myadze, Nasra Wehelie
Attachments: 1. AHF-TC 2022 Memo to CDBG Committee and Final Recommendations.pdf, 2. RegistrantsReport-CDBG Committee 11-3-22 Final.pdf
Fiscal Note
The proposed resolution awards up to $8,950,000 from the City’s Affordable Housing Fund to support three affordable housing development projects selected through a Request for Proposal process. The resolution also authorizes the mayor and city clerk to execute loan agreements and other documents with the developers to proceed with the approved financial commitments The Community Development Division’s (CDD) 2023 adopted capital budget includes $10 million for Affordable Housing Development Projects, which will be the source of funding for these projects. No additional appropriation is required.
Title
Awarding up to $8,950,000 from the Affordable Housing Fund to support three affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will support construction of approximately 500 units of new rental housing in Madison, 344 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 2023 Executive Capital Budget increases the City’s annual commitment to the Affordable Housing Fund (AHF) from $7,000,000 in 2022 to $10,000,000, beginning in 2023. The recommended awards described in this resolution draw from funds authorized for 2023. The Common Council established the AHF in the 2015 Capital Budget to help increase and/or preserve the supply of affordable rental housing. The City’s primary strategy in deploying AHF is to leverage other resources, most notably federal Low-Income Housing Tax Credits (LIHTCs), to help achieve the goal of adding approximately 200 new affordable rental units per year.

For purposes of this initiative, affordable rental housing is defined as that which is reserved for households with incomes at or below 60% of the County Median Income (CMI), and with rents restricted at levels affordable to households at those income levels. Initially, the receipt of AHF funds r...

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