Resolution to approve a Development Agreement between the Community Development Authority and Habitat for Humanity – Milwaukee, property at 6901 and 69** W. Beloit Rd.

This resolution approves a Development Agreement between the Community Development Authority (CDA) of West Allis and Milwaukee Habitat for Humanity for the construction of two affordable single-family homes. The project is located at 6901 W. Beloit Road and 69 W. Beloit Road** in West Allis.

Project Details:

• Two for-sale single-family homes, each approximately 1800 sq. ft. with four bedrooms and 1.5 bathrooms, plus garages.
• Aims to promote homeownership for low-to-moderate income families.

Financials & Funding:

• Total project cost for two units is $630,000.
• The CDA will sell the land to Habitat for Humanity for a nominal $1.00.
• The CDA will provide up to $150,000 in federal HOME funds for construction costs ($75,000 per home) and up to $10,000 for eligible homebuyer assistance ($5,000 per home).
• Additional funding comes from private philanthropy ($117,000) and first mortgage sales revenue ($333,000).

Affordability Requirements:

• Homes must be sold to families meeting HUD's low-to-moderate income limits (e.g., $62,000 for a 1-person household, $88,500 for a 4-person household).
• A five-year affordability covenant runs with the land, requiring future buyers to meet income eligibility and use the property as their principal residence.
• Homebuyers must complete HUD-Certified counseling.

Timeline:

• Project completion is targeted for December 31, 2026.

Compliance:

• The project must comply with various federal provisions, including non-discrimination, equal employment opportunity, environmental review, and labor standards.