Number
13230
Version
Original
Reference
Sponsor
The Chair
Title
Resolution approving the Housing Authority of the City of Milwaukee (HACM) to take all action necessary in connection with the rehabilitation Rental Assistance Demonstration (RAD) conversion of the Townhomes at Carver Park
Analysis
Body
WHEREAS, the Rental Assistance Demonstration (“RAD”) permits public housing authorities to redevelop public housing and is a key component of the U.S. Department of Housing and Urban Development (“HUD”)’s plan for preserving affordable rental housing, encouraging greater efficiency among HUD programs, and building viable communities; and
WHEREAS, the Wisconsin Housing and Economic Development Authority (“WHEDA”) provides awards of low-income housing tax credits pursuant to Section 42 of the Internal Revenue Code to meet the affordable housing and community development needs of low and moderate income persons; and
WHEREAS, WHEDA was accepting applications for low income housing tax credits; and
WHEREAS, the Housing Authority of the City of Milwaukee (the “Authority’) staff recommended a Mixed Finance Development application using Low Income Housing Tax Credits and HUD Capital Funds for the rehabilitation of Townhomes at Carver Park (the “Project”); and
WHEREAS, the Authority submitted an application for and was awarded low-income housing tax credits for the rehabilitation of the Project; and
WHEREAS, the Authority will need to submit a mixed finance and development proposal as well as RAD applications to HUD; and
NOW, THEREFORE, BE IT RESOLVED, that the Authority in its own capacity, as applicable, is hereby authorized, empowered, and directed to enter into, execute, and deliver, any and all documents in connection with the RAD Conversion, including, but not limited to, the RCC, RAD PBV Housing Assistance Payments Contract, the RAD Use Agreement, Certification and Assurances, Consolidated Owner’s Certification, Release from Declaration of Trust...
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