Fiscal Note
No City appropriation required.
Title
Calling on the Federal Housing Authority as well as Government-Sponsored Enterprises like Fannie Mae and Freddie Mac to provide increased transparency to the public in the process of developing requirements and guidelines for condominium and housing cooperative lending requirements
Body
WHEREAS, condominium development lags nationwide, currently amounting to just 2.3% of multifamily construction, and there have been just two condo projects in recent history within the City of Madison; and,
WHEREAS, condos are a crucial part of the housing market, particularly for those who are looking for a more affordable entrance into the homeownership market and earn equity; and,
WHEREAS, in Madison, the average median sale price for single-family homes was $400,000 between July 2022 and June 2023, while the average median sale price for a condo was $275,000 in that same time period; and,
WHEREAS, this affordable entry to homeownership is particularly important for young adults, as well as empty nesters looking to downsize, which then opens up the homes they are moving from; and,
WHEREAS, condominiums support the City’s density and sustainability goals, often as more energy efficient alternatives than single-family homes that can be built around transit hubs, which can ease the burden of traffic and create walkable neighborhoods; and,
WHEREAS, the latest available data about Madison’s homeownership rates as measured by Madison’s 2023 Housing Strategy Report reveal stark racial inequities as evidenced by the fact that the 2021 homeownership rate for white households was 53%, the rate for Hispanic/Latino households was 35%, the rate for Asian households was 32%, and the rate for Black households was 18%; and,
WHEREAS, not having this affordable entry point can lead to greater inequities in the housing market that disproportionately harm low-income households and households of color, exacerbating existing patterns of wea...
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