City of Madison, Wisconsin | Legislative Information Center
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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
Attachments: 1. MOI_Application for Neighborhood and Community Development Funds reserve 2016.pdf, 2. MOI Staff Review_10062016.pdf
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...

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