Number
R13102
Version
Original
Reference
Sponsor
The Chair
Title
Resolution Approving the Submission of a Low-Income Housing Tax Credit Application for Westlawn Renaissance IV
Analysis
Body
WHEREAS, the Wisconsin Housing and Economic Development Authority (WHEDA) is accepting applications for 9% low income housing tax credits; and
WHEREAS, as part of the Choice Neighborhood Housing Transformation Plan, management had already identified the Phasing for replacement housing construction in the Westlawn public housing development wherein Westlawn Renaissance IV (Phase 3) is part of the overall housing plan; and
WHEREAS, Housing Authority of the City of Milwaukee (Housing Authority) staff are recommending a Mixed Finance Development application using Low Income Housing Tax Credits, Choice Neighborhood Implementation (CNI) grant and HUD Capital Funds for the construction of Westlawn Renaissance IV, two 30-unit midrises, in which 30 units will be designated for youth aging out of foster care; and
WHEREAS, staff consulted with the Westlawn Resident Organization, Resident Advisory Board and the Mayor of the City of Milwaukee regarding applications for low income housing tax credits for Westlawn; and
WHEREAS, the Housing Authority has successfully employed financing models using the Low Income Housing Tax Credits in its revitalization of 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, but may designated Friends of Housing Corporation as property manager, and Torti Gallas will be the architect through their existing contract for Westlawn; 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
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