Madison, WI Header
Share to Facebook Share to Twitter Bookmark and Share
File #: 31264    Version: 1 Name: Approving $108,000 from Housing Development Reserve Funds to provide additional down payment assistance to qualified homebuyers through Movin’ Out, Inc.
Type: Resolution Status: Passed
File created: 8/15/2013 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 10/1/2013 Final action: 10/1/2013
Enactment date: 10/3/2013 Enactment #: RES-13-00754
Title: Approving $108,000 from Housing Development Reserve Funds to provide additional down payment assistance to qualified homebuyers through Movin’ Out, Inc.
Sponsors: Maurice S. Cheeks, Lauren Cnare, Matthew J. Phair
Attachments: 1. Staff Review 2013 MOI contract amendment (2).pdf, 2. Homebuyer Program Application.pdf
Fiscal Note
Sufficient Federal funds are available for this project within the Community Development Division’s Housing Development Reserve Fund, which was authorized as part of the CD Division’s 2013 Adopted Operating Budget. The use of these funds will have no impact on the local levy.
Title
Approving $108,000 from Housing Development Reserve Funds to provide additional down payment assistance to qualified homebuyers through Movin’ Out, Inc.
Body
Movin’ Out offers a great amount of support and coaching throughout the whole purchase transaction. Movin’ Out is highly regarded with competent staff whom continue to attend trainings to stay up to date with industry changes. The organization has been awarding these targeted down payment assistance funds for 17 years. Staff effectively matches homeowners with other available down payment funding sources leveraging the City of Madison’s CDD funds to create a feasible mortgage payment for LMI families. Counselors are working in collaboration with many sources besides a lender on behalf of the household. Coordination between realtor, human services system, family and support staff, housing authorities, etc is needed for all of the households.

Movin’ Out’s 2013 contract was awarded at $241,597 of HOME funds. At this time the full amount of the contract has been reserved for households anticipating a 2013 closing date. A total of five homeowners have already closed in 2013 which expended $180,000 of the contract. The remaining funds are expected to close in the next 90 days.

The demand for affordable housing in City of Madison is a priority. A majority of Movin’ Outs clients are below 60% CMI and have a fixed monthly income such as federal assistance (SSDI). The median price of housing in Madison is currently $231,000 and interest rates have begun to increase for private financing. The gap needed to address the affordability of housing payments for LMI households can be provided by down payment assistance. In addit...

Click here for full text