Number
011743
Version
SUBSTITUTE 3
Reference
Sponsor
ALD. HENNINGSEN AND MURPHY
Title
Substitute resolution authorizing and directing the Housing Authority and/or Redevelopment Authority to issue and sell double tax-exempt Housing Revenue Bonds in a principal amount not to exceed $5,000,000, the proceeds of which are to be administered by the Neighborhood Improvement Development Corporation within the Department of Neighborhood Services.
Analysis
This substitute resolution provides for the following:
1. The Housing Authority and/or Redevelopment Authority is authorized and directed to issue and sell double tax-exempt Housing Revenue Bonds in a principal amount not to exceed $5,000,000.
2. The purpose of the bond issuance and sale is to provide funds for making home rehabilitation loans in amounts not to exceed $40,000 to credit-worthy homeowners residing within the Community Development Block Grant Area, as revised, who have incomes which exceed 80% of the median income for the Milwaukee metropolitan area, and who have existing loan-to-value ratios which exceed 100% of assessed values.
3. The Neighborhood Improvement Development Corporation within the Department of Neighborhood Services is authorized to provide for the administration of the net proceeds, the establishment of the loan terms and the underwriting criteria.
4. A 7-member advisory committee is established, consisting of the Comptroller, the Commissioner of City Development, the Director of Budget and Management, the Executive Director of the Neighborhood Improvement Development Corporation, the Director of the Milwaukee Office of the Local Initiative Support Corporation, the Vice-President for Community Relations of Bank One-Milwaukee, and the Director of Select Milwaukee, to provide recommendations for further design elements necessary for the initial year of program implementation, including recommendations as to the manner in which the program could be desi...
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