City of Madison, Wisconsin | Legislative Information Center
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File #: 49310    Version: Name: SUBSTITUTE - Authorizing an allocation of up to $216,000 in CDD Housing Development Reserve Funds to provide additional down payment assistance to qualified low- to moderate-income homebuyers through Movin’ Out, Inc. and amending the Community Development
Type: Resolution Status: Passed
File created: 10/24/2017 In control: FINANCE COMMITTEE
On agenda: 11/21/2017 Final action: 11/21/2017
Enactment date: 11/27/2017 Enactment #: RES-17-00921
Title: SUBSTITUTE - Authorizing an allocation of up to $216,000 in CDD Housing Development Reserve Funds to provide additional down payment assistance to qualified low- to moderate-income homebuyers through Movin’ Out, Inc. and amending the Community Development Division’s 2017 Adopted Operating Budget as appropriate.
Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair
Attachments: 1. Staff Review 2017 MOI contract amendment.pdf, 2. MOI-App 8.29.17.pdf, 3. Version 1.pdf
Fiscal Note
The proposed resolution authorizes $216,000 in additional funding for down payment assistance through Movin’ Out, Inc. The additional $216,000 will be funded by 2016 CDBG program income and CDD’s revenue and purchased services in the 2017 Adopted Operating Budget will be amended as appropriate.
Title
SUBSTITUTE - Authorizing an allocation of up to $216,000 in CDD Housing Development Reserve Funds to provide additional down payment assistance to qualified low- to moderate-income homebuyers through Movin’ Out, Inc. and amending the Community Development Division’s 2017 Adopted Operating Budget as appropriate.
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BACKGROUND

Movin’ Out, Inc. offers a significant amount of support and coaching to its homebuyer assistance 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 for LMI families. Its counselors also work in collaboration with a diverse array of organizations (as well as the lender) on behalf of the household, to provide the essential coordination among parties (including the realtor, human services, housing authorities, family, support staff, etc.) to effectively navigate the home-buying process.

During the CDD 2014 RFP process for 2015-2016 funding, Movin’ Out submitted a proposal for up to $360,000 to provide homebuyer assistance. The organization was successfully awarded $180,000 in federal funds for its 2016 program. That contract allocation permitted Movin’ Out to serve eleven households in 2016. December 2016, Movin’ Out requested and was awarded an additional $216,000 of CDBG funds from Housing Reserve Fund to assist six additional households. Movin’ Out’s 2017 program allocation was re-authorized at the original award amount of $180,000; those funds have been fully committed to low-moderate income households.

Over the past 19 ...

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