NUMB:
970782
VERS:
Substitute 1
REF:
XXBY:
Ald. Gordon, Ald. Henningsen, Ald. D'Amato
TITL:
Substitute resolution authorizing execution of a Cooperation Agreement for the NIDC Revolving Loan Fund between the City of Milwaukee and the Neighborhood Improvement Development Corporation.
ANLS:
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-Analysis-
This Resolution authorizes execution of a Cooperation Agreement that will provide for the transfer of certain housing rehabilitation loan portfolios to the Neighborhood Improvement Development Corporation. NIDC will utilize the assets and proceeds of the transferred loan portfolios to augment and expand upon the current activities of the Housing and Neighborhood Development Division of the Department of City Development through implementation of a Housing and Neighborhood Development Program.
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BODY:
Whereas, the City of Milwaukee ("City") has operated various rehabilitation loan programs (the "Existing Program") for the promotion of low and moderate income housing and neighborhood development opportunities in the City; and
Whereas, the City formed the Neighborhood Development Corporation ("NIDC") for the purpose of fostering housing and neighborhood development for the benefit of the City and its citizens; and
Whereas, the Existing Program currently maintains a portfolio of loans with a principal balance of approximately $15,600,000.00 dollars and utilizes the approximately $1,600,000.00 in annual revenues generated by such loans for housing and neighborhood development activities; and
Whereas, there exist certain contracts and agreements between the City and third parties related to the Existing Program which can be assigned to NIDC; and
Whereas, the City and NIDC desire to provide for the creation and operation by NIDC of a housing and neighborhood development revolving loan program ("Program") with the goal of fost...
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