City of Milwaukee - File #: R_12967

• File #: R_12967
• Version: 0
• Type: Housing Authority Resolution
• Status: Passed
• File created: 6/1/2018
• In control: HOUSING AUTHORITY
• On agenda: 6/6/2018
• Final action: 6/6/2018
• Title: Resolution approving an award of contract to the Wisconsin Women’s Business Initiative Corporation) to administer a $1.5 million revolving loan fund as part of the Choice Neighborhood Initiative Critical Community Improvements Plan in support of the Loan Fund in the amount of $150,000
• Sponsors: THE CHAIR

Date	Ver.	Action By	Action	Result	Tally
6/6/2018	0	HOUSING AUTHORITY	ADOPTED; Minutes note: Bobbi Marsells, HACM Assistant Secretary, explained that the Choice Neighborhood application included a revolving loan fund in the amount of $1 million dollars which will be matched with $500,000 from the Wisconsin Women’s Business Initiative Corporation (WWBIC) who will administer the loan pool as well as assist HACM with marketing and other activities. Ms. Marsells introduced Mike Hetzel, Director of Lending and Darrian Luckett, Sr. Loan Officer from WWBIC to provide additional information. They provided a flyer with information on how new participants can access coaching consultants to achieve their financial goals. According to Mr. Hetzel this support has been very helpful in keeping WWBIC at a 97% rate of return on the loans. Commissioner Donald asked if there are any restrictions on what the loan can be used for. Mr. Hetzel and Ms. Marsells informed the Commissioner that the only restriction is the geographical area. The business has to be within or starting up in the Choice Neighborhood boundaries, which are to 76th Street, Mill Road, Villard Avenue and back to Sherman Boulevard.	Pass	7:0

Number

R_12967

Version

Original

Reference

Sponsor

The Chair

Title

Resolution approving an award of contract to the Wisconsin Women’s Business Initiative Corporation) to administer a $1.5 million revolving loan fund as part of the Choice Neighborhood Initiative Critical Community Improvements Plan in support of the Loan Fund in the amount of $150,000

Analysis

Body

Whereas, the City of Milwaukee in conjunction with the Housing Authority of the City of Milwaukee received a $30 million Choice Neighborhoods Implementation grant from the U.S. Department of Housing and Urban Development for the Westlawn Choice neighborhood bounded by Sherman Boulevard (east), 76th Street (west), Villard Avenue (south) and Mill Road (north); and

Whereas, the Choice Neighborhoods grant included a $1 million revolving loan fund with a $500,000 match from the Wisconsin Women’s Business Initiative Corporation (WWBIC) to support the creation, retention and expansion of businesses in the Westlawn Choice neighborhood; and

Whereas, the WWBIC was incorporated in 1987 to support entrepreneurship and home ownership among women, people of color and low-income communities through a range of services; and

Whereas WWBIC is a leading statewide certified Community Development Financial Institution (CDFI) as well as AERIS rated and one of the leading and largest U.S. Small Business Administration’s Micro lenders, and has lent more than $60 million in its 30-year history, served over 60,000 individuals, and assisted in starting or strengthening more than 4,770 businesses, and supported the creation or retention of nearly 11,000 jobs; and

Whereas,  WWBIC is providing $160,000 (over 5 years) of in-kind outreach, client education, and assistance, and a $500,000 match for the loan fund, which was included in the Choice Neighborhood Implementation grant application; and

Whereas, the WWBIC will establish a segregated and restricted bank account with JP Morgan Chase Bank to administer and record the lending activities of the program; and

Whereas, the revolving loan fund and partnership with WWBIC was included in the Critical Community Improvements Plan that was approved by HUD; now, therefore, be it

Resolved  by the Commissioners of the Authority to hereby authorize and approve a contract with the Wisconsin Women’s Business Initiative Corporation in an amount not to exceed $150,000 (over 5 years) to administer (processing loan applications, monitoring program compliance, closing out loans and submitting progress reports) for the $1 million of Choice Neighborhood Initiative revolving loan fund.

Requestor

Drafter

Housing Management, June 1, 2018