City of Madison - File #: 07062

• File #: 07062
• Version: 1
• Name: Reverse Mortgage Program Budget Amendment
• Type: Resolution
• Status: Passed
• File created: 7/20/2007
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 9/18/2007
• Final action: 9/18/2007
• Enactment date: 9/20/2007
• Enactment #: RES-07-00944
• Title: Amending the 2007 Capital Budget by $20,000 to accommodate more participants in the Reverse Mortgage Program.
• Sponsors: David J. Cieslewicz, Julia S. Kerr

Date	Ver.	Action By	Action	Result
9/18/2007	1	COMMON COUNCIL	Adopt	Pass
9/10/2007	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
9/4/2007	1	COMMON COUNCIL	Refer
8/29/2007	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
8/29/2007	1	Comptroller's Office	Referred for Introduction
8/7/2007	1	Comptroller's Office	Fiscal Note Required / Approval

Fiscal Note

This resolution amends the 2007 Capital Budget for Reverse Mortgage Program  by an increase of $20,000.  Funding is from the Special Assessment Revolving Fund. There is no impact on the tax levy and no general obligation borrowing is required.

Title

Amending the 2007 Capital Budget by $20,000 to accommodate more participants in the Reverse Mortgage Program.

Body

WHEREAS, The City began the Reverse Mortgage Program to assist elderly homeowners pay property taxes in 1997; and

WHEREAS, the 2007 Capital Budget contained $70,000 in funding, and $17,889 in carryover funds from 2006 Capital Budget for the Reverse Mortgage Program; and

WHEREAS, demand for Reverse Mortgage Loans have increased in 2007, to $97,000 currently, with potential for more by year end; and

NOW, THEREFORE BE IT RESOLVED, that the 2007 Capital Budget be amended by an increase of $20,000 to support increased demand for the Reverse Mortgage Program, funded with a loan from the Special Assessment Revolving Fund.