City of Milwaukee - File #: 001702

• File #: 001702
• Version: 2
• Type: Resolution
• Status: Placed On File
• File created: 3/20/2001
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 11/25/2003
• Title: Substitute resolution authorizing and directing the Commissioners of Public Debt to issue and sell Housing Rehabilitation Revenue Bonds in a principal amount not to exceed $5,000,000 for the purpose of creating a Housing Rehabilitation Revolving Loan Fund.
• Sponsors: ALD. HENNINGSEN
• Indexes: COMMUNITY DEVELOPMENT BLOCK GRANT, DEPARTMENT OF NEIGHBORHOOD SERVICES, HOUSING, HOUSING AUTHORITY, REVENUE BONDS

Date	Ver.	Action By	Action	Result	Tally
11/25/2003	2	COMMON COUNCIL	PLACED ON FILE	Pass	16:0
11/19/2003	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR PLACING ON FILE	Pass	3:0
11/11/2003	2	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
10/30/2001		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
10/30/2001	2	CITY CLERK	DRAFT SUBMITTED
10/10/2001	1	FINANCE & PERSONNEL COMMITTEE	HELD TO CALL OF THE CHAIR; Minutes note: Ald. Henningsen moved to amend second Resolved, by adding "if such bond issue can be structured without a tax levy subsidy by taking the principal and interest for two years out of the proceeds of such bond sale". Also to include not only CDBG area, but add: "any housing built before 1946" and refer to Comptroller's for report and reply ( work on developing a progam). Prevailed.	Pass	5:0
10/1/2001	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
10/1/2001	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
10/1/2001	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/20/2001	1	FINANCE & PERSONNEL COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	4:0
9/11/2001	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/11/2001	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/31/2001	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION AND ASSIGNED	Pass	3:1
7/24/2001	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/23/2001	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/10/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	4:0
7/10/2001	1	CITY CLERK	DRAFT SUBMITTED
6/28/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/27/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/4/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	4:0
3/26/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
3/26/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
3/20/2001	0	COMMON COUNCIL	ASSIGNED TO

Number
001702
Version
SUBSTITUTE 2
Reference

Sponsor
ALD. HENNINGSEN
Title
Substitute resolution authorizing and directing the Commissioners of Public Debt to issue and sell Housing Rehabilitation Revenue Bonds in a principal amount not to exceed $5,000,000 for the purpose of creating a Housing Rehabilitation Revolving Loan Fund.
Analysis
This Resolution authorizes and directs the Commissioners of Public Debt to issue and sell Housing Rehabilitation Revenue Bonds in a principal amount not to exceed $5,000,000 for the purpose of creating a Housing Rehabilitation Revolving Loan Fund to make home rehabilitation loans to credit-worthy homeowners, residing within the Community Development Block Grant area or any housing built before 1946, who are not eligible for participation in existing home rehabilitation loan programs because their income exceeds the program limits and who do not qualify for conventional home-equity loans from private lending institutions because they have not built up enough equity in their property or have too high a loan-to-value ratio.

Body
Whereas, Existing home rehabilitation loan programs serve to assist and encourage eligible homeowners to reinvest in residential property within the Community Development Block Grant area as part of an overall neighborhood economic stabilization strategy; and

Whereas, Eligibility for participation in existing home rehabilitation loan programs is subject to residency within the Community Development Block Grant area and income limits and the interest rate and terms of the loan are dependent upon the income and family size of the applicant; and

Whereas, Homeowners, who are not eligible for participation in existing home rehabilitation loan programs because they do not reside within the Community Development Block Grant area or because their income exceeds the program limits, may also find that, although they may be credit-worthy, they do not qualify for conventional home-equit...