Fiscal Note
The proposed resolution authorizes the award of up to $2.0 million to the Madison Revitalization and Community Development Corporation (MRCDC) for the demolition of four dwelling units in order to redevelop the property with six new affordable dwelling units. The City’s Affordable Housing Fund currently has approximately $7.7 million available for such loan activity. No additional City appropriation required.
Title
Authorizing the allocation of up to $2 million of City Affordable Housing Funds to Madison Revitalization and Community Development Corporation (MRCDC) to help finance the demolition of four (4) dwelling units for the development of six (6) new townhome dwelling units located at 1309-11 and 1401-03 Theresa Terrace, currently owned by MRCDC, and authorizing the Mayor and the City Clerk to enter into a Loan Agreement. (District 20)
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, while there is overlap between Madison Community Development Authority (CDA) Board and MRCDC Board it is a legally separate entity from CDA. MRCDC does not have staff and is managed by CDA staff. The MRCDC’s primary mission is to facilitate community redevelopment, and in particular, improve the stock of affordable housing in the City of Madison. The MRCDC has corporate bylaws which govern its operating rules and seeks to serve and be accountable to low-income persons and communities through representation on its governing board.
Section 18 of the Housing Act of 1937 authorizes the demolition and disposition of Public Housing, with administrative steps of 24 CFR 970.17(c) prescribed by the U.S. Department of Housing and Urban Development (HUD...
Click here for full text