*UPDATE* Down Payment Assistance
MOmentum DPA is now available!
- Property must be located in Dane County but OUTSIDE the City of Madison.
- Maximum loan amount $8,500 for down payment.
- Repay principal at time of resale.
- Maximum CLTV 100%
- Ratios - Minimum PITI 25% and Maximum DTI 40%
- Borrower must have 1% of their own funds into the transaction.
- Borrower cannot have great then 12 months PITI in liquid assets after closing.
- All loan applications are subject to a Minimum Housing Code Inspection by Dane County.
- Lenders can call Movin' Out (608-251-4446) once accepted offer is in for an application. Please allow 20 business days from sending in documentation to them.
Could possibly use Movin' Out AHP funds, if needed.
Leopold/Arbor Hills Mortgage Reduction
For a limited time the City of Madison Community Development Division will be offering assistance to purchase homes located in the Leopold Arbor Hills Planning District. A deferred payment loan of up to $10,000 is available for individuals looking to purchase single family, condo or ½ duplex. The household has to meet income and underwriting requirements of the program. Attached is an information sheet of qualifications.
Benefits of the program:
This loan can be stacked with other down payment assistance programs available in Dane County, such as Home Buy the American Dream and Down Payment Plus (if borrower qualifies for other programs).
There is NO interest or share of appreciation that is due when the loan is repaid.
Affordability example: Purchase price of $85,000 with stacking Leopold program of $10,000 and DPP of $8,000. Homebuyer would have to qualify for first mortgage at $67,000. Monthly housing payment estimate $760 and LTV at 78%.
Funding is limited, there is currently funding for up to six loans. The program was developed from comments of residents and neighborhood stakeholders during the Neighborhood Planning process for the area. More information can be found at www.cityofmadison.com/homeloans under First Time Home Buyer or you may contact email@example.com or 608-261-9240
Invitation to Community Development Division Conversation
Please consider attending this event! The discussion at these focus groups will include how we continue to fund down payment assistance and Dane County non-profits housing providers going forward. - Linette Rhodes
Invitation to Community Development Division Conversation
Funding of supportive services in our community has become more complex over the years. At the same time, the typical sources - government and private- are no longer adequate to address the increased social disparities, whether it's homelessness, hunger, educational disparities, chronic health problems or the long list of issues facing our community. Everyone is working harder to make a difference but the funding landscape is shifting and changing. If we do not stop and take the time to examine how to use our resources, the results are going to remain the same - less money and more problems.
Rather than thinking we can continue doing the same thing the same way and get different results, we recently began a study to redesign how the City of Madison Community Development Division (CDD) funds these services.
Earlier this year, with the support of the Mayor and the City Council, the CDD solicited proposals to help us navigate this change process. The proposals were reviewed and interviews conducted by a committee that included Astra Iheukumere (Assistant to the Mayor, City of Madison), Janel Heinrich (Director, Public Health, Madison/Dane County), Lucia Nunez (Director, Department of Civil Rights, City of Madison), Lauren Cnare (Alder, District 3), Shiva Bidar-Sielaff (Alder, District 5) as well as Jim O'Keefe (Division Director), Laura Noel (Community Services Program Coordinator) and Susan Morrison (Community Development Grants Supervisor) from CDD. In the end, we engaged Forward Community Investments (FCI) to assist us with the work. We selected FCI because they have a 20-year history of working in this community and understand the problems and potential rooted in community.
As the first step, CDD staff has been working with FCI to create a process that is transparent and invites community participation at multiple levels. This includes one-on-one interviews, focus groups and community conversations. The purpose of these initial conversations is to solicit prior experiences and ideas from city staff, other funders, nonprofits, businesses and residents who have had direct or indirect experience engaging with the CDD. Equally critical to this stage of the process is creating a more vibrant dialogue between these sectors - government, for-profits and nonprofits. If we want real change to happen, it's going to mean working collaboratively.
Our invitation to you is to be part of this process and to share your insights and experiences. If you are unable to participant in this first round of focus groups, there will be other opportunities for further engagement.
We are in the process of developing a website that will include progress to-date, space for feedback, and highlight next steps for involvement. Stay tuned and we will follow up with details once in place.
Your responses will be confidential. Discussion will take approximately 90 minutes. All focus groups will be held at a central location with easy access to transportation.
Please respond to the Doodle poll linked below.
The time will be selected based on convenience for the maximum amount of responses.
Click Here to Participate in the Doodle Poll
Please participate in the poll by Thursday, July 24
We are excited to move forward and greatly appreciate your insights!
City of Madison Community Development Division and Forward Community Investments
Community Development Division Director
President Forward Community Investments