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14606
| 1 | | YWCA of Madison, Inc. Deferred Loan Consolidation 101 E. Mifflin Street | Resolution | Approve satisfying six existing mortgages and promissory notes in the amount of $127,956.50 that represent CDBG Office financed improvements at 101 E. Mifflin, create a new mortgage and promissory note for a combined $377,956.50 to reflect the value of the old notes and the new $250,000 loan approved by the CDBG Commission on 1/6/2009; and approve a waiver of the 2009-10 Program Funding Framework to reflect no shared appreciation on the new note. | Refer | Pass |
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14518
| 1 | | Porchlight, Inc. 519 E. Johnson Street Project | Resolution | Approve Porchlight’s request for $234,255 in Home Match funds for 6 units in the form of a deferred loan secured by a mortgage, promissory note and Land Use Restriction Agreement (LURA) with a 15-year affordability requirement; authorize the Mayor and City Clerk to sign any agreements to effect such a change; agree to waive the CDBG Office 2009-2010 Program Funding Framework per unit limit and the loan-to-value ratio; and approve a 15-year forgivable loan with Porchlight for the outstanding CDBG Office investment $214,590. The total CDBG Office investment in this property will be $448,845. | | |
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14516
| 1 | | Porchlight, Inc. 324 E. Mifflin Street Project | Resolution | Approve Porchlight’s request for $239,255 in Home Match funds for 7 units in the form of a deferred loan secured by a mortgage, promissory note and Land Use Restriction Agreement (LURA) with a 15-year affordability requirement; authorize the Mayor and City Clerk to sign any agreements to effect such a change; agree to waive the CDBG Office 2009-2010 Program Funding Framework per unit limit and the loan-to-value ratio; and approve a 15-year forgivable loan with Porchlight for the outstanding CDBG Office investment $200,200. The combined CDBG Office investment in the property will be $439,455. | | |
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