Title
Resolution authorizing the Director of Development to submit a Section 42 Tax Credit application to the Wisconsin Housing and Economic Development Authority (WHEDA) for the Beloit Road Senior Housing Complex.
Body
WHEREAS since the 1940's, the City of West Allis (the "City") has owned and operated the Beloit Road Senior Housing Complex (the "Property"), located at 7205-7333 W. Beloit Rd., 2521-2529 S. 72 St., 7216-7312 W. Dreyer Place and 7211-7341 W. Dreyer Place and has offered units as an affordable housing option for senior members of the community by collecting rent payments at 30% of an individual's income; and,
WHEREAS the Property's mission of affordable senior housing qualifies for the Section 42 Tax Credit program administered by the Wisconsin Housing and Economic Development Authority; and,
WHEREAS the Section 42 Tax Credit Program, a competitive process to obtain tax credits to create affordable housing choices, would attract equity and investment to the Property that would enhance and preserve the units and structures for current and future residents while maintaining the affordability of each living unit; and,
WHEREAS the Section 42 Tax Credit Program requires the City to enter into a co-development partnership with an experienced tax credit developer in order to score successfully in the competitive process as well as to effectively administer an allocation of tax credits; and,
WHEREAS staff has consulted with various developers experienced in senior housing and recommends Cardinal Capital Management, Inc. to complete the application and co-develop with the City for the renovation of the Property; and,
WHEREAS the Director of Development recommends the submittal of a Section 42 Tax Credit application based on review of the financial performance of the property and the equity advantage provided to the City from the tax credit program towards the overall improvements of the property; and,
WHEREAS the Common Counci...
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