City of Madison - File #: 44199

• File #: 44199
• Version: 1
• Name: Authorizing an allocation of up to $216,000 in CDD Housing Development Reserve Funds to Movin’ Out, Inc. for the provision of additional down payment assistance to qualified low- to moderate-income homebuyers.
• Type: Resolution
• Status: Passed
• File created: 8/24/2016
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 10/18/2016
• Final action: 10/18/2016
• Enactment date: 10/20/2016
• Enactment #: RES-16-00773
• Title: Authorizing an allocation of up to $216,000 in CDD Housing Development Reserve Funds to Movin’ Out, Inc. for the provision of additional down payment assistance to qualified low- to moderate-income homebuyers.
• Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair

Date	Ver.	Action By	Action	Result
10/18/2016	1	COMMON COUNCIL	Adopt	Pass
10/10/2016	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
10/6/2016	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
9/6/2016	1	BOARD OF ESTIMATES (ended 4/2017)	Referred
9/6/2016	1	COMMON COUNCIL	Refer	Pass
8/24/2016	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes the allocation of $216,000 in HOME funds to Movin’ Out, Inc. Authorization to use the Housing Development Reserve Fund was approved as part of the City’s 2016 Adopted Operating Budget. The current balance of HOME funds in the CDD Housing Development Reserve Fund is $1,418,917. The cost of the project is $216,000. Should this resolution be approved, the new balance of HOME funds in the CDD Housing Development Reserve Fund would be $1,202,917.

No additional appropriation is required.
Title
Authorizing an allocation of up to $216,000 in CDD Housing Development Reserve Funds to Movin’ Out, Inc. for the provision of additional down payment assistance to qualified low- to moderate-income homebuyers.
Body
BACKGROUND

Movin’ Out, Inc. offers provides down payment assistance to low- moderate-income homebuyers that have disabilities as well as to families that include children with disabilities. The organization provides a significant amount of support and coaching to its homebuyer 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. Its counselors also work in collaboration with a diverse array of organizations and lenders on behalf of its clients, to provide the essential coordination among parties (including the realtor, human services, housing authorities, family, support staff, etc.) that is key to effectively navigating the home-buying process.

During the CDD 2014 summer funding cycle, Movin’ Out submitted a proposal for up to $360,000 to provide homebuyer assistance during the 2015 and 2016 calendar years. The organization was awarded $180,000 in HOME funds for its 2016 program. That original contract allocation, plus an additional $42,188 in program income, permitted Movin’ Out to serve seven households in 2016...