City of Madison, Wisconsin | Legislative Information Center
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File #: 65920    Version: 1 Name: Authorizing the City of Madison to accept an allocation of 2021-2023 Housing Cost Reduction Initiative (HCRI) funds from the State of Wisconsin DOA's Division of Housing in the amount of $286,666 to provide down payment and closing cost assistance to low
Type: Resolution Status: Passed
File created: 6/9/2021 In control: Community Development Division
On agenda: 7/6/2021 Final action: 7/6/2021
Enactment date: 7/12/2021 Enactment #: RES-21-00477
Title: Authorizing the City of Madison to accept an allocation of 2021-2023 Housing Cost Reduction Initiative (HCRI) funds from the State of Wisconsin DOA's Division of Housing in the amount of $286,666 to provide down payment and closing cost assistance to low and moderate-income homebuyers.
Sponsors: Christian A. Albouras, Nikki Conklin, Barbara Harrington-McKinney, Satya V. Rhodes-Conway, Syed Abbas, Regina M. Vidaver, Charles Myadze, Jael Currie, Yannette Figueroa Cole, Nasra Wehelie, Sheri Carter
Fiscal Note
The proposed resolution authorizes acceptance of a $286,666 Housing Cost Education Initiative (HCRI) award from the State of Wisconsin. This funding is included in the Community Development Division’s 2021 adopted capital budget and does not require a budget amendment. No additional City appropriation is required.
Title
Authorizing the City of Madison to accept an allocation of 2021-2023 Housing Cost Reduction Initiative (HCRI) funds from the State of Wisconsin DOA's Division of Housing in the amount of $286,666 to provide down payment and closing cost assistance to low and moderate-income homebuyers.
Body
BACKGROUND

The City of Madison submitted a grant application for 2021-2023 Housing Cost Reduction Initiative (HCRI) funds to the State of Wisconsin DOA's Division of Housing in March 2021, and received a letter in May 2021 awarding the City $286,666 for the City’s down payment and closing cost assistance program, Home Buy the American Dream (HBAD). The HBAD program provides deferred down payment and closing cost assistance loans to low- and moderate-income residents.

ACTION

WHEREAS, the City of Madison 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 Community Development Division’s 2021 Capital Budget anticipated up to $200,000 in Housing Cost Reduction Initiative (HCRI) funds for the HBAD program; and,

WHEREAS, the City of Madison Community Development Division applied for and was awarded $286,666 in State HCRI funds to support the HBAD program for operating years 2021-2023;

NOW, THEREFORE, BE IT RESOLVED, that the Common Council authorizes the Mayor and the City Clerk to enter into an agreement with the State of Wisconsin DOA's Division of Housing to accept $286,666 in HCRI funds.

BE IT FINALLY RESOLVED, that the Common Council authorizes the Mayor and City Clerk to accept f...

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