| 7/10/2007 | Council Office | Fiscal Note Required / Approval to the Comptroller's Office/Approval Group Completed on 7/11/2007 | |
| 7/11/2007 | Comptroller's Office/Approval Group | Approved Fiscal Note By The Comptroller's Office to the Council Office Completed on 7/11/2007 | |
| Notes: Brasser |
| 7/11/2007 | Council Office | Referred for Introduction | |
| Notes: Community Development Block Grant Commission, Housing Committee, Board of Estimates |
| 7/17/2007 | COMMON COUNCIL | Refer to the COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE Completed on 9/6/2007 | |
| Notes: Additional Referral(s): Housing Committee, Board of Estimates |
| 7/17/2007 | COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE | Refer to the HOUSING COMMITTEE Completed on 9/12/2007 | |
| 7/17/2007 | COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE | Refer to the BOARD OF ESTIMATES Completed on 9/10/2007 | |
| 7/30/2007 | BOARD OF ESTIMATES | next meeting. | Pass |
| 8/27/2007 | BOARD OF ESTIMATES | next meeting. | Pass |
| 9/6/2007 | COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE | A motion was made by Robinson, seconded by Rummel, to RECOMMEND TO
COUNCIL TO ADOPT - REPORT OF OFFICER staff recommendations to establish
a capital borrowing program for affordable rental housing as outlined in the
resolution. Robinson also volunteered to serve on the subcommittee, and
Rummel said she would be interested in developing guidelines for the program.
The motion passed by acclamation. | Pass |
| Notes: Hurie said if the Commission approves this resolution, then they also have to appoint someone from the CDBG Commission to work with the Housing Committee on details of the program.
Hurie discussed the proposed program, which would entail the City borrowing money at a low interest rate and loaning that money to developers who would repay the loan, plus interest and fees, when their projects are completed. The funds are not tax exempt, but they are at a lower, more favorable interest rate than developers could get by borrowing the money themselves.
Hurie said that part of the impetus behind developing this program was the inability of IZ to address affordable rental housing due to state laws prohibiting IZ from setting rents.
Discussion highlights:
· The asset in this program would be a security on the rental property.
· The money would be used as either stand-alone funds or layered with other
funds to lower the AMI.
· No funding for this program would be provided by the Affordable Housing
Trust fund.
· The City cannot borrow money to use for purchasing houses.
· The CD Office would administer the program but would not need to hire more
staff to do so. The CD Office would also do underwriting and management of
the loan portfolios.
· The target of the program is mix-income use.
· These funds would be another tool to assist affordable housing in the city.
· The CDBG Commission would set up a subcommittee along with Housing
Committee members to work on the details of this program. |
| 9/10/2007 | BOARD OF ESTIMATES | Return to Lead with the Following Recommendation(s) COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE Completed on 9/6/2007 | Fail
(2:3) |
| Notes: Recommendation to adopt failed by a 2-3 vote. |
| 9/13/2007 | Council Office | Fiscal Note Required / Approval to the Comptroller's Office/Approval Group Completed on 9/13/2007 | |
| 9/13/2007 | Comptroller's Office/Approval Group | Approved Fiscal Note By The Comptroller's Office (SUBSTITUTES)
to the COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE Completed on 9/13/2007 | |
| Notes: Brasser |
| 9/18/2007 | COMMON COUNCIL | Place On File | Pass
(13:7) |
| Notes: 3 Registrant(s) in support wishing to speak; 2 Registrant(s) in support not wishing to speak; 1 Registrant(s) in opposition not wishing to speak. |
| 9/18/2007 | COMMON COUNCIL | A motion was made by to Adopt. The motion FAILED the following vote: | Fail
(2:18) |
| Notes: |
| 9/18/2007 | COMMON COUNCIL | (at the 10/2/07 Common Council Meeting). | Fail
(9:11) |
| 9/18/2007 | COMMON COUNCIL | (2/3 vote required). | Fail
(11:9) |