Number
071307
Version
Substitute 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relative to the allocation of $1,407,000 from the Milwaukee Housing Trust Fund to 5 organizations for affordable housing projects.
Analysis
As authorized by the City of Milwaukee’s Housing Trust Fund Advisory Board, the Community Development Grants Administration released Requests for Proposals for affordable housing projects in September 2007. Based upon funding applications submitted by the October 10, 2007 deadline, the Advisory Board is recommending the Common Council approve funding 5 projects totaling $1,407,000 from the Housing Trust Fund - Capital Improvement Account.
Body
Whereas, On November 14, 2006, the City of Milwaukee Common Council adopted File Number 041537, an ordinance relating to the establishment, operation and funding of a City of Milwaukee Housing Trust Fund; and
Whereas, On September 26, 2006, the Common Council adopted File Number 060071, a resolution relating to the recommendations of the Milwaukee Housing Trust Fund Task Force for the operation and funding of a Housing Trust Fund, which included provisions that Housing Trust Fund dollars should be allocated in 3 categories: housing and services for persons who are homeless, development or rehabilitation of affordable rental housing, and creation or maintenance of home ownership activities; and
Whereas, As authorized by the Housing Trust Fund Advisory Board, the Community Development Grants Administration (CDGA) released Request-for-Proposals for the categories of Homelessness ($750,000), Rental ($1,000,000) and Homeownership ($750,000) in September 2007, and received 21 funding requests by the October 10, 2007 deadline; and
Whereas, CDGA staff and the Housing Trust Fund Advisory Board’s Technical Review Subcommittee both reviewed the funding applications, and recommended funding 5 projects totaling $1,407,000 to the Advisory Board, and
Whereas, On January 18, 2008, the Advisory Board approved the recommendation to fund the 5 projects totaling $1,407,000 as listed in Attachment A; and
Whereas, In accordance with Section 316-5-2-a and b of the Milwaukee Code of Ordinances relating to the duties of the Housing Trust Fund Advisory Board, the Advisory Board is recommending to the Common Council approval of the allocation of $1,407,000 for the 5 projects listed in Attachment A; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the award of $1,407,000 from the Housing Trust Fund Account (Capital Improvement Fund Account Number 0339 9990 R999 UR04407000A) to the 5 organizations and projects listed in Attachment A is approved, with a remaining balance of $1,093,000 in the Housing Trust Fund account; and, be it
Further Resolved, That each organization so awarded shall comply with the Housing Trust Fund Advisory Board’s policies and procedures; and, be it
Further Resolved, That each of these Housing Trust Fund awards are subject to the successful negotiations of the term sheet with the City of Milwaukee; and, be it
Further Resolved, That upon the agreement of the term sheet, CDGA is hereby
authorized to execute contracts for the awards as listed on Attachment A.
Requestor
Drafter
mcw-lrb
lrb08041-1
01/25/08