Title
Resolution approving a Contract Agreement by and between the Community Development Authority of the City of West Allis and the City of West Allis for an allocation of $1,247,758.00 of Federal H.O.M.E. funds to the Beloit Road Senior Housing Complex.
Body
WHEREAS, the Community Development Authority (the "Authority") through a cooperation agreement with the City of West Allis administers federal H.O.M.E. funds provided to the City of West Allis through the Milwaukee County H.O.M.E. Consortium consisting of West Allis, Milwaukee County, and the City of Wauwatosa; and,
WHEREAS, both parties are desirous in providing affordable senior housing options within the City; and,
WHEREAS, the City owns the over sixty year old facility recognized as the Beloit Road Senior Housing Complex located at 7205-7333 W. Beloit Rd., 2521-2529 S. 72 St., 7216-7312 W. Dreyer Place and 7211-7341 W. Dreyer Place, City of West Allis, County of Milwaukee, State of Wisconsin (the "Property") containing 104-units of affordable elderly housing; and,
WHEREAS, the Authority and City have expressed that there is a need and mission of maintaining the affordable senior housing in the City, therefore directed staff to form a plan to revitalize the complex through the use of Section 42 Tax Credit financing (the "Project"); and,
WHEREAS, the tenants qualify for occupancy based on meeting the 50% of County Median Income requirement with the rent calculated utilizing 30% of their respective income; and,
WHEREAS, the City intends to enter into a development agreement for the renovation and improvement of the Property in order to leverage additional public investment for preservation and enhancement of the property; and,
WHEREAS, the Project would not be undertaken unless the public funding provided by the Loan and Grant becomes available, as the Developer can maximally raise only a portion of the debt and equity funds required to complete the Project; and,
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