Number
R_12941
Version
Original
Reference
Sponsor
The Chair
Title
Resolution approving the Rental Assistance Demonstration Conversion of Covered Projects
Analysis
Body
WHEREAS, by Resolution No. 12709 adopted July 14, 2015, the Housing Authority of the City of Milwaukee ("HACM") approved the submission of an Application (the "RAD Portfolio Application") to the U.S. Department of Housing and Urban Development ("HUD") for a Rental Assistance Demonstration ("RAD") Program Award for a total portfolio conversion into RAD financing for all HACM's public housing units;
WHEREAS, on May 6, 2016, HUD approved the RAD Portfolio Application for the conversion to RAD financing of the public housing units in those housing developments listed on Schedule A attached hereto (each a "Covered Project");
WHEREAS, each Covered Project is either owned by a limited liability company (each an "LLC Owner") or by HACM;
WHEREAS, the manager of each LLC Owner is a limited liability company (each a "Manager"), the sole member and manager of which is HACM;
WHEREAS, HACM staff have completed the RAD program requirements for and closed the conversion of several Covered Projects; and
WHEREAS, HACM staff are preparing and completing the RAD program requirements for converting the remaining Covered Projects; therefore be it
RESOLVED, by the Commissioners of HACM that HACM is hereby authorized to complete the RAD conversion of each of the Covered Projects; and, be it
FURTHER RESOLVED, that HACM is hereby authorized to execute and deliver all documents required or deemed necessary to complete the RAD conversion of any Covered Project for which HACM is the owner including, without limitation, any and all RAD Conversion Commitments, RAD Use Agreements, RAD PBV HAP Contracts, Terminations of Mixed Finance ACCs, Releases of Declaration of Restrictive Covenants, Amendments to Loan Documents, Amendments to Property Management Agreements, Terminations of Regulatory and Operat...
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