City of Madison - File #: 38213

• File #: 38213
• Version: 1
• Name: Authorizing the City of Madison to accept a grant from the State of Wisconsin, DOA, Division of Housing in the amount of $371,167 to provide down payment and closing cost assistance to low and moderate-income homebuyers; amending the Community Development
• Type: Resolution
• Status: Passed
• File created: 4/29/2015
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 5/19/2015
• Final action: 5/19/2015
• Enactment date: 5/21/2015
• Enactment #: RES-15-00449
• Title: Authorizing the City of Madison to accept a grant from the State of Wisconsin, DOA, Division of Housing in the amount of $371,167 to provide down payment and closing cost assistance to low and moderate-income homebuyers; amending the Community Development Division’s 2015 Operating Budget; and authorizing the Mayor and City Clerk to enter into agreements necessary to accept the funds.
• Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair

Date	Ver.	Action By	Action	Result
5/19/2015	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
5/11/2015	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
5/7/2015	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval
5/5/2015	1	BOARD OF ESTIMATES (ended 4/2017)	Referred
5/5/2015	1	COMMON COUNCIL	Referred
4/29/2015	1	Community Development Division	Referred for Introduction

Fiscal Note
The City of Madison Community Development Division’s adopted 2015 Operating Budget and the adopted 2015 Home Buy the American Dream program budget anticipated expenditures of up to $150,000 of HCRI funds in 2015. The grant amount of $371,167 is $221,167 more than the amount anticipated in the 2015 budget. The budgets of the Community Development Division CDBG office and its Home Buy the American Dream program fund will be amended to recognize the additional $221,167 in revenue and will provide the expenditure authority for additional loans to low and moderate-income residents. There is no net impact on the City levy.

The budget will be amended as follows:
($221,167) 62112101-42250-82015 [BB500] HSG AST EN WIHCR 15 STATE REVENUES

$221,167 62112101-54835-82015 [BB500] HSG AST EN WIHCR 15 LOANS
Title
Authorizing the City of Madison to accept a grant from the State of Wisconsin, DOA, Division of Housing in the amount of $371,167 to provide down payment and closing cost assistance to low and moderate-income homebuyers; amending the Community Development Division’s 2015 Operating Budget; and authorizing the Mayor and City Clerk to enter into agreements necessary to accept the funds.
Body
The City of Madison submitted a grant application to State of Wisconsin, DOA, Division of Housing in February 2015, and has been awarded $371,167 for the City’s down payment and closing cost assistance program, Home Buy the American Dream. The Home Buy the American Dream program provides deferred down payment and closing cost assistance loans to low and moderate-income residents.

WHEREAS, the City of Madison operates the Home Buy the American Dream down payment and closing cost assistance program to support homeownership opportunities for low and moderate-income residents; and,

WHEREAS, the City of Madison Community Development Division’s 2015 Operating Budget anticipated $150,000 in Housing Cost Reduction Initiative (HCRI) funds for Home Buy the American Dream...