Number
250506
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. STAMPER
Title
Substitute resolution relative to the allocation of funding from the HOME ARP Funds, to fund Affordable Housing.
Analysis
The City of Milwaukee has been allocated supplemental funding through the American Rescue Plan for Community Development entitlement funding for 2021 of HOME-ARP funding. The purpose of these funds is to primarily benefit qualifying individuals and families who are homeless, at risk of homelessness, or in other vulnerable populations, by acquisition, construction, and rehabilitation of rental housing for occupancy by individuals and families that meet one of the Qualifying Populations.
This resolution authorizes the allocation of HOME-ARP Funds Affordable Housing Development that creates affordable rental housing to qualifying populations.
Body
Whereas, the Common Council approved the HOME-ARP Plan and funding on May 30, 2024 CCFN 210542; and
Whereas, CDGA has received a request for funds from KG Development Group for Development funds to benefit qualifying individuals and families who are homeless, at risk of homelessness, or in other vulnerable populations, by providing Supportive Housing Units; and
Whereas, CDGA is requesting authorization to allocate $1,100,000 from the HOME-ARP Plan for the Compass Lofts Project located at 3116 N. MLK DR., for the above stated purpose, subject to CDGA staff underwriting and review, now therefore, be it
Further Resolved, By the Common Council of the City of Milwaukee, that the award is approved; and, be it
Further Resolved, That the Community Development Grants Administration is responsible for awarding a subrecipient contract for these approved activities; and, be it
Further Revolved, That the City of Milwaukee assures and certifies that it will comply with the regulations, policies guidelines and requirements with respect to the acceptance and use of Federal Community Development Entitlement funds; and, be it
Furth...
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