City of Madison - File #: 37808

• File #: 37808
• Version: 1
• Name: Authorizing the City of Madison to accept a supplemental allocation of HCRI grant funds from the Wisconsin DOA’s Division of Housing; amending the Community Development Division’s 2015 Adopted Operating Budget as appropriate; and authorizing the Mayor and
• Type: Resolution
• Status: Passed
• File created: 3/25/2015
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 3/31/2015
• Final action: 4/21/2015
• Enactment date: 4/23/2015
• Enactment #: RES-15-00347
• Title: Authorizing the City of Madison to accept a supplemental allocation of HCRI grant funds from the Wisconsin DOA’s Division of Housing; amending the Community Development Division’s 2015 Adopted Operating Budget as appropriate; and authorizing the Mayor and City Clerk to enter into agreements necessary to accept the funds.
• Sponsors: Maurice S. Cheeks, Lauren Cnare, Matthew J. Phair

Date	Ver.	Action By	Action	Result
4/21/2015	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
4/13/2015	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
4/2/2015	1	COMMUNITY DEVELOPMENT BLOCK GRANT COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
3/31/2015	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
3/31/2015	1	COMMON COUNCIL	Referred
3/25/2015	1	Community Development Division	Referred for Introduction

Fiscal Note
This Resolution authorizes the City to accept a supplemental amount of state HCRI grant funds, which necessitates the amendment of the CDD’s 2015 Adopted Operating Budget to include an additional $27,035.73 in grant revenues and commensurate expenditures. Of that total, $23,521.09 will be used for housing assistance loans, with the remaining balance of $3,514.64 earmarked for administration.

($ 23,521.09) 62112101-42250-82015 [BB500] HSG AST EN WIHCR 15 STATE REVENUES
($ 3,514.64) 62550101-42250-82015 [ZZ001] ADMIN 26 EN WIHCR 15 STATE REVENUES

$ 23,521.09 62112101-54835-82015 [BB500] HSG AST EN WIHCR 15 LOANS
$ 3,514.64 62550101-54820-82015 [ZZ001] ADMIN 26 EN WIHCR 15 COM AG CNT
Title
Authorizing the City of Madison to accept a supplemental allocation of HCRI grant funds from the Wisconsin DOA’s Division of Housing; amending the Community Development Division’s 2015 Adopted Operating Budget as appropriate; and authorizing the Mayor and City Clerk to enter into agreements necessary to accept the funds.
Body
BACKGROUND

The City of Madison submitted an application for Housing Cost Reduction Initiatives (HCRI) grant funds to the Wisconsin Department of Administration’s Division of Housing in November 2012, and was awarded $310,000 to support the “Home Buy” program, the City’s down payment assistance program. The “Home Buy” program, now known as the “Home Buy the American Dream” (HBAD) program, helps low- and moderate-income homebuyers finance down payment and closing costs. The assistance is offered in the form of deferred repayment loans.

The state DOH recently identified $27,035.73 in unused HCRI funds available to be re-allocated in 2015 to designated metro areas. The City of Madison, having demonstrated that its HCRI-funded “Home Buy” program could make effective use of additional funds for down payment and closing cost assistance, was awarded the available HCRI funds as a supplement to the City’s 2013-2015 HCRI contract all...