Number
R117
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 138 units of housing in Westlawn Gardens (Westlawn Renaissance VI 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 138 rental housing units, along with parking and other related improvements, in Blocks 2, 4, 5, 8 and 9 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 VI Project”);
WHEREAS, HACM is proposing to use mixed financing to finance development of the Westlawn Renaissance VI Project, including financing from the Wisconsin Housing and Economic Development Authority (“WHEDA”), the use of tax credits with tax-exempt bonds, 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 the Westlawn Renaissance VI Project 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 VI 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 Cred...
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