City of Milwaukee - File #: R13168

• File #: R13168
• Version: 0
• Type: Housing Authority Resolution
• Status: Passed
• File created: 8/6/2020
• In control: HOUSING AUTHORITY
• On agenda: 8/12/2020
• Final action: 8/12/2020
• Title: Resolution approving the financing, use of Low Income Housing Tax Credits and Wisconsin Housing and Economic Development Authority (WHEDA) financing, for the development of 60 units of housing in Westlawn Gardens (westlawn Renaissance iV project).
• Sponsors: THE CHAIR

Date	Ver.	Action By	Action	Result	Tally
8/12/2020	0	HOUSING AUTHORITY	ADOPTED	Pass	5:0

Number
R13168

Version
Original

Reference

Sponsor
The Chair

Title
Resolution approving the financing, use of Low Income Housing Tax Credits and Wisconsin Housing and Economic Development Authority (WHEDA) financing, for the development of 60 units of housing in Westlawn Gardens (westlawn Renaissance iV 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 60 rental housing units, along with parking and other related improvements, in Block 5 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 IV Project”);

WHEREAS, HACM is proposing to use mixed financing to finance development of the Westlawn Renaissance IV Project, including financing from the Wisconsin Housing and Economic Development Authority (“WHEDA”), the use of tax credits, a $2,289,382 Housing Trust Fund Loan from WHEDA 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 IV 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 IV Project; and, be it

FURTHER RESOLVED, that HACM is hereby authorized to apply, either...