Number
13219
Version
Original
Reference
Sponsor
Tha Chair
Title
Resolution approving Holton Terrace Development LLC, as Managing Member of Holton Terrace LLC, approval and authorization for Holton Terrace LLC to accept a loan from the Authority in the amount of $689,885 utilizing funds from an Affordable Housing Program grant from the Federal Home Loan Bank of Chicago to support the development of Holton Terrace
Analysis
Body
WHEREAS, Holton Terrace (the “Project”) is owned by Holton Terrace LLC, a Wisconsin limited liability company (the “Holton Terrace LLC”);
WHEREAS, the Housing Authority of the City of Milwaukee (the “Authority”) is the sole and managing member of Holton Terrace Development LLC, a Wisconsin limited liability company (the “Company”), the managing member of Holton Terrace LLC;
WHEREAS, pursuant to a duly adopted resolution dated June 5, 2019, the Authority’s Board of Commissioners (the “Authority’s Board”) approved the rehabilitation of Holton Terrace under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program;
WHEREAS, closing for the Project occurred on or about July 8, 2019 (the “Closing”) and construction began shortly thereafter;
WHEREAS, in an effort to cover the additional rehabilitation costs at the Project the Authority, as sponsor for the Project, submitted an application to the Federal Home Loan Bank of Chicago (the “FHLB-Chicago”) for a grant under its Affordable Housing Program (the “Application”);
WHEREAS, Associated Bank, National Association, a national banking association (“Associated”), which is a member of FHLB-Chicago, agreed to sponsor the Application;
WHEREAS, pursuant to a letter dated November 20, 2019, the Authority, as the Project’s sponsor was awarded a grant for the Project in the amount of $689,885, which shall be provided by Associated (the “AHP Grant”);
WHEREAS, the Authority now desires to use the AHP Grant to make a loan secured by a mortgage ...
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