Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Developers seek tax-exempt bonds to convert hundreds of market-rate units to affordable housing; alderman urges developer outreach
Summary
Bond counsel and private developers told the committee they plan to use tax-exempt conduit bonds to enable nonprofit ownership and convert 374 apartment units to affordable housing with Fannie Mae monitoring and roughly $2.25M in upfront work; Alderman Taylor pressed developers for more local outreach and said she was inclined to oppose in the absence of local engagement.
The committee heard a substantial Q&A on a TEFRA (Tax Equity and Fiscal Responsibility Act) matter: private developers seek the council's approval for tax-exempt conduit revenue bonds that would enable nonprofit acquisition and conversion of two existing multifamily properties (discussed rental unit total ~374) to affordable housing.
Deputy city attorney Mary Shannon explained the procedural requirement: local approval and a TEFRA public hearing are prerequisites for tax-exempt status on conduit bonds issued through a Wisconsin issuer (the Public Finance Authority). Ray Jones, bond counsel for the project,…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
