Number
R13007
Version
Original
Reference
Sponsor
The Chair
Title
Resolution approving the submission of a 9% tax credit application to the Wisconsin Housing and Economic Development Authority for Merrill Park and a Rent Assistance Demonstration (RAD) Financing Proposal to HUD
Analysis
Body
WHEREAS, the Wisconsin Housing and Economic Development Authority (WHEDA) is accepting applications for 9% low income housing tax credits; and
WHEREAS, Housing Authority staff are recommending a Mixed Finance Development application using Low Income Housing Tax Credits and HUD Capital Funds for the rehabilitation of Merrill Park, 120 units; and
WHEREAS, the Housing Authority has successfully employed financing models using the Low Income Housing Tax Credits in its revitalization of Westlawn Gardens, Lapham Park, Highland Park, Cherry Court, Convent Hill, Olga Village, and Scattered Sites; and
WHEREAS, the Housing Authority will be the developer and property manager and have designated Continuum Architects will be the architect; and
WHEREAS, if this application is awarded low-income housing tax credits, the Housing Authority will need to submit a mixed finance and development proposal, and Rental Assistance Demonstration applications to the U.S. Department of Housing and Urban Development; now, therefore, be it
RESOLVED, by the Commissioners of the Housing Authority of the City of Milwaukee that they hereby authorize and approve forming a limited liability corporation, limited partnership or similar entity to rehab Merrill Park, LLC; and, be it
FURTHER RESOLVED, that the Housing Authority of the City of Milwaukee is hereby authorized to apply, either directly, or through this entity, for Low Income Housing Tax Credits from the Wisconsin Housing and Economic Development Authority (WHEDA), for the rehabilitation of Merrill Park; and, be it
FURTHER RESOLVED, that the Housing Authority of the City of Milwaukee is hereby authorized to accept an offe...
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