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File #: 47033    Version: 1 Name: The Community Development Division’s adopted 2017 Operating Budget anticipated receiving up to $228,907 in new HCRI grant revenues. The actual grant award of $396,666 is $167,759 more than the amount anticipated in the 2017 budget. The 2017 CDD Operating
Type: Resolution Status: Passed
File created: 4/26/2017 In control: FINANCE COMMITTEE
On agenda: 5/2/2017 Final action: 5/16/2017
Enactment date: 5/18/2017 Enactment #: RES-17-00449
Title: Authorizing the City of Madison to accept a grant from the Wisconsin Department of Administration's Division of Housing in the amount of $396,666 to provide down payment and closing cost assistance to low- and moderate-income homebuyers; amending the Community Development Division’s 2017 Operating Budget as required; and authorizing the Mayor and City Clerk to enter into agreements necessary to accept the funds.
Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair
Attachments: 1. Memo_2017-HCRI_contract_amendment_and_op-budget._4-28-2017.pdf
Fiscal Note
The proposed resolution amends the 2017 Adopted Operating Budget to update the appropriation for a state grant budgeted within the Community Development Division. The 2017 Adopted Operating Budget included $228,907 in State funds as part of the State Housing Cost Reduction Initiative. These funds are used to provide down payment and closing cost assistance to low and moderate income homebuyers. The actual grant award for 2017 is $396,666; the proposed resolution will appropriate $167,759 in state revenues and corresponding expenditures as assumed in the grant budget.

Title
Authorizing the City of Madison to accept a grant from the Wisconsin Department of Administration's Division of Housing in the amount of $396,666 to provide down payment and closing cost assistance to low- and moderate-income homebuyers; amending the Community Development Division’s 2017 Operating Budget as required; and authorizing the Mayor and City Clerk to enter into agreements necessary to accept the funds.
Body
BACKGROUND

The City of Madison submitted a grant application to the Wisconsin Department of Administration's Division of Housing in January 2017, and has been awarded $396,666 for the City’s down payment and closing cost assistance program, Home Buy the American Dream (HBAD), and associated grant administration costs. The HBAD program, administered by the Community Development Division, provides deferred down payment and closing cost assistance loans to low- and moderate-income residents.

ACTION

WHEREAS, the City of Madison's Community Development Division (CDD) operates the Home Buy the American Dream (HBAD) down payment and closing cost assistance program to support homeownership opportunities for low- and moderate-income residents; and,

WHEREAS, the City of Madison applied for and was awarded $396,666 in State Housing Cost Reduction Initiative (HCRI) funds to support the HBAD program for operating years 2017-2018; and,

WHEREAS, the City of Madison Communit...

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