City of Milwaukee - File #: R13318

• File #: R13318
• Version: 0
• Type: Housing Authority Resolution
• Status: Passed
• File created: 4/7/2022
• In control: HOUSING AUTHORITY
• On agenda: 4/13/2022
• Final action: 4/13/2022
• Title: Resolution approving the Housing Authority of the City of Milwaukee to take all action necessary in connection with the rehabilitation and Rental Assistance Demonstration (RAD) conversion of the Townhomes at Carver, including serving as Guarantor for all loans related thereto and as developer for the Townhomes at Carver
• Sponsors: THE CHAIR

Date	Ver.	Action By	Action	Result	Tally
4/13/2022	0	HOUSING AUTHORITY	ADOPTED; Minutes note: Fernando Aniban, HACM’s Chief Financial Officer, stated that the resolution is related to Townhomes at Carver to ensure that Housing Authority covers all legal requirements in order to close on the contract.	Pass	2:0

Number
13318

Version
Original

Reference

Sponsor
The Chair

Title
Resolution approving the Housing Authority of the City of Milwaukee to take all action necessary in connection with the rehabilitation and Rental Assistance Demonstration (RAD) conversion of the Townhomes at Carver, including serving as Guarantor for all loans related thereto and as developer for the Townhomes at Carver

Analysis

Body
WHEREAS, the Rental Assistance Demonstration program (“RAD”) permits public housing authorities to redevelop public housing and is a key component of the
U.S. Department of Housing and Urban Development (“HUD”)’s plan for preserving affordable rental housing, encouraging greater efficiency among HUD programs, and building viable communities;

WHEREAS, the Housing Authority of the City of Milwaukee (the “Authority”) authorized the creation of an LLC Owner for Townhomes at Carver Park, a 122-unit residential housing development with other ancillary improvements, and approved the submission of a Financing Plan Proposal to HUD for the RAD Conversion of the Project;

WHEREAS, the Project is currently owned by Carver Park Tax Credit Limited Partnership (the “Partnership”);

WHEREAS, Townhomes at Carver LLC, a Wisconsin limited liability company (the “Project Owner”) was formed to be the LLC Owner of the Project pursuant to Articles of Organization (the “Articles”), filed on October 15, 2021 with the State of Wisconsin Department of Financial Institutions;

WHEREAS, the Authority authorized the formation of Townhomes at Carver Development LLC, a Wisconsin limited liability company (the “Company”), to be the sole Managing Member of the Project Owner, pursuant to Articles of Organization, (the “Articles”), filed October 15, 2021 with the State of Wisconsin Department of Financial Institutions;

WHEREAS, the Authority is the sole member and managing member of the Company pursuant to that certain Operating Agreement for the Company, effective October 15, 2021 (th...