Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Redevelopment Funds topic
No spam. Unsubscribe anytime.
Redevelopment authority reports about $1.5 million uncommitted development fund, reviews loan-program balances
Summary
Staff reported the redevelopment authority’s development fund has about $1.5 million in uncommitted funds; the rental-rehab balance is roughly $337,000 and the affordable housing rehab fund is about $247,000 after recent inflows. Staff outlined program rules, repayment streams and options for stacking with other tools.
At a regular meeting of the Waukesha City Redevelopment Authority, staff member Jeff gave a status update on the authority’s loan programs and recent audit work. He said the audit is complete and that a one-year extension brought new funding into the programs. Jeff reported an uncommitted development-fund balance of about $1,500,000, a rental rehabilitation-program balance of about $337,000, and an affordable housing rehabilitation balance of about $247,000.
The presentation said the authority’s policy directs 75 percent of certain inflows to the affordable housing development fund and 25 percent per state statute to the affordable housing rehabilitation program. Jeff noted the authority changed its policy to eliminate deferred loans last year and is encouraging borrowers to sign payment plans where possible. He described a significant recurring repayment from a 166-unit multifamily property that yields about $64,000 per year in principal and interest to the programs.
Jeff also described the redevelopment authority’s role in gap financing and construction loans, saying the development fund is intended for gap financing or construction assistance to create new housing units or substantially rehabilitate existing ones. He said staff tracks district closings and evaluates whether to extend a district or close it, noting prior district closings have yielded substantial increment to the authority.
Why this matters: the authority’s balances determine how much gap financing, construction loans and homeowner assistance it can provide. The presentation emphasized that ongoing repayments and upcoming district closings could replenish program capital and influence forthcoming loan approvals.
The update included questions from committee members about stacking authority programs with tax-increment financing and whether pending state legislation could change program interactions. Jeff said staff will continue monitoring suggested statutory changes and district closing schedules. The meeting moved on after questions and no formal action was taken on the update.
