City of Madison - File #: 49310

• File #: 49310
• Version: 2
• Name: SUBSTITUTE - Authorizing an allocation of up to $216,000 in CDD Housing Development Reserve Funds to provide additional down payment assistance to qualified low- to moderate-income homebuyers through Movin’ Out, Inc. and amending the Community Development
• Type: Resolution
• Status: Passed
• File created: 10/24/2017
• In control: FINANCE COMMITTEE
• On agenda: 11/21/2017
• Final action: 11/21/2017
• Enactment date: 11/27/2017
• Enactment #: RES-17-00921
• Title: SUBSTITUTE - Authorizing an allocation of up to $216,000 in CDD Housing Development Reserve Funds to provide additional down payment assistance to qualified low- to moderate-income homebuyers through Movin’ Out, Inc. and amending the Community Development Division’s 2017 Adopted Operating Budget as appropriate.
• Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair

Date	Ver.	Action By	Action	Result
11/21/2017	2	COMMON COUNCIL	Adopt	Pass
11/6/2017	2	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
11/2/2017	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
10/31/2017	1	FINANCE COMMITTEE	Refer
10/31/2017	1	COMMON COUNCIL	Refer
10/24/2017	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes $216,000 in additional funding for down payment assistance through Movin’ Out, Inc. The additional $216,000 will be funded by 2016 CDBG program income and CDD’s revenue and purchased services in the 2017 Adopted Operating Budget will be amended as appropriate.
Title
SUBSTITUTE - Authorizing an allocation of up to $216,000 in CDD Housing Development Reserve Funds to provide additional down payment assistance to qualified low- to moderate-income homebuyers through Movin’ Out, Inc. and amending the Community Development Division’s 2017 Adopted Operating Budget as appropriate.
Body
BACKGROUND

Movin’ Out, Inc. offers a significant amount of support and coaching to its homebuyer assistance clients throughout the purchase transaction. Agency staff effectively matches homeowners with other available down payment funding sources, leveraging the City of Madison’s Community Development Division (CDD) funds to create an affordable mortgage payment for LMI families. Its counselors also work in collaboration with a diverse array of organizations (as well as the lender) on behalf of the household, to provide the essential coordination among parties (including the realtor, human services, housing authorities, family, support staff, etc.) to effectively navigate the home-buying process.

During the CDD 2014 RFP process for 2015-2016 funding, Movin’ Out submitted a proposal for up to $360,000 to provide homebuyer assistance. The organization was successfully awarded $180,000 in federal funds for its 2016 program. That contract allocation permitted Movin’ Out to serve eleven households in 2016. December 2016, Movin’ Out requested and was awarded an additional $216,000 of CDBG funds from Housing Reserve Fund to assist six additional households. Movin’ Out’s 2017 program allocation was re-authorized at the original award amount of $180,000; those funds have been fully committed to low-moderate income households.

Over the past 19 ...