Number
R13031
Version
Original
Reference
Sponsor
The Chair
Title
Resolution approving the financing, use of low income housing tax credits with tax exempt bonds, and development of 94 units of Housing in Westlawn Gardens (Westlawn Renaissance III project)
Analysis
Body
WHEREAS, Westlawn Gardens is generally situated to the south of West Silver Spring Drive between North 60th Street and North 68th Street and the Housing Authority of the City of Milwaukee (HACM) is currently proceeding with redevelopment of the western portion of Westlawn Gardens; and
WHEREAS, HACM has successfully employed financing models using Low Income Housing Tax Credits for its Lapham Park, Highland Park, Cherry Court, Convent Hill, Victory Manor and various Scattered Sites projects;
WHEREAS, HACM has received an allocation of Low Income Tax Credits for the purpose of constructing and developing 94 apartment units in two buildings, along with parking and other related improvements, on Lot 5 Block 1 and Lot 2 Block 2 in the subdivision known as Westlawn West located generally on the south side of West Silver Spring Drive west of North 64th Street (the “Westlawn Renaissance III Project”);
WHEREAS, HACM is proposing to use mixed financing to finance development of the Westlawn Renaissance III Project, including financing from the Wisconsin Housing and Economic Development Authority (“WHEDA”), the use of tax credits, and other public and private funds; and
WHEREAS, the U.S. Department of Housing and Urban Development (“HUD”) has awarded HACM project based vouchers for 84 of the 94 units as part of HUD’s Rental Assistance Demonstration program;
NOW, THEREFORE, BE IT
RESOLVED, that HACM may form one or more limited liability companies or similar entities to own and develop the Westlawn Renaissance III Project; and, be it
FURTHER RESOLVED, that HACM is hereby authorized to apply, either directly, or through such an entity, for Low Income Housing Tax Credits from WHEDA, ...
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