City of Madison - File #: 74454

• 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

Date	Ver.	Action By	Action	Result
12/6/2022	1	COMMON COUNCIL	Adopt	Pass
11/28/2022	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
11/3/2022	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval
11/1/2022	1	FINANCE COMMITTEE	Referred
11/1/2022	1	COMMON COUNCIL	Refer	Pass
10/26/2022	1	Community Development Division	Referred for Introduction

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...