City of Madison - File #: 80809

• File #: 80809
• Version: 1
• Name: Awarding up to $11,295,000 from the Affordable Housing Fund to support five affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will support construction of approximately 375 units of new rental housi
• Type: Resolution
• Status: Passed
• File created: 11/13/2023
• In control: Community Development Division
• On agenda: 12/5/2023
• Final action: 12/5/2023
• Enactment date: 12/13/2023
• Enactment #: RES-23-00775
• Title: Awarding up to $11,295,000 from the Affordable Housing Fund to support five affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will support construction of approximately 375 units of new rental housing in Madison, 300 of which will be affordable, and authorizing the Mayor and City Clerk to execute loan agreements with the developers of those projects (Districts 11, District 13 and District 19).
• Sponsors: Satya V. Rhodes-Conway, Kristen Slack, Dina Nina Martinez-Rutherford, William Tishler, Nikki Conklin, Tag Evers, Derek Field, Regina M. Vidaver, Marsha A. Rummel

Date	Ver.	Action By	Action	Result
12/5/2023	1	COMMON COUNCIL	Adopt	Pass
11/27/2023	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
11/21/2023	1	COMMON COUNCIL	Refer	Pass
11/14/2023	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution approves the award of up to $11,295,000 from the Affordable Housing Fund (Munis program 17110) to five affordable housing development projects. The Community Development Division (CDD) 2024 Capital Budget (Munis project 14938) includes $20.0 million in funding to support these projects in addition to carryforward funds from the 2023 affordable housing project (Munis project 14776). No additional City appropriation required.
Title
Awarding up to $11,295,000 from the Affordable Housing Fund to support five affordable housing development projects, selected through a City Request for Proposals (RFP) process, that will support construction of approximately 375 units of new rental housing in Madison, 300 of which will be affordable, and authorizing the Mayor and City Clerk to execute loan agreements with the developers of those projects (Districts 11, District 13 and District 19).
Body
BACKGROUND

The City of Madison’s 2024 Executive Capital Budget, scheduled for adoption in November 2023, proposes to increase the City’s commitment to the Affordable Housing Fund (AHF) to $20,000,000 in 2024. The recommended awards described in this resolution draw from funds authorized for 2024, as well as uncommitted funds carried over from 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 significantly increasing the supply of new affordable rental units.

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 deemed affordable to households at those income levels. Initially, the receipt of AHF funds required developers to commit to ...