About the Community & Neighborhood Development Program ||| Currently Funded Activities ||| Results ||| Proposal Qualifications and Process ||| Materials Available from Us ||| How To Contact Us


Expansion of Homeownership Opportunities
See also:  The City of Madison's American Dream Downpayment Initiative (ADDI) Program

Preferences ||| Conditions ||| Activities

These activities expand homeownership opportunities and strengthen current neighborhoods through encouragement of affordable owner-occupied housing, home buying, and expansion of ownership/tenure options. These activities generally help improve both the affordability for purchase by moderate-income homebuyer households and/or the physical status of the housing stock available to first-time homebuyers. The active activities include various forms of alternative ownership such as rent-to-own, land trusts, self-help, downpayment subsidies, construction of new units, or renovation of housing stock for purchase. These activities address Objective B in the Five-Year Plan and are generally targeted to those households in the 50-80% of median range. The long-term target goal is to maintain or increase the rate of homeownership in the lower income non-University neighborhoods to 90% of the Citywide average for ownership. The national benchmark for ownership is a 68% average.

Funds will be targeted to the acquisition, construction or renovation of housing that will be made available to eligible households for purchase of the housing units. The Commission may use a portion of the funds available from certain funding sources (ADDI, HCRI) to provide downpayment and closing cost assistance in order to promote opportunities for first-time homebuyers or longer-term affordability.

The 2005 City objective is to help at least 67 households move into affordable ownership positions.

For information on how to submit a proposal in this category, click here.


Preferences

The Commission will give preference to homeownership activities that are designed to assure a period of housing affordability that is greater than HOME affordability requirements, or create new units through new construction or conversion of commercial property to homeowner units.


Conditions


Activities

Ongoing / currently funded activities in this category include:

Continuing activities approved in prior years include Habitat for Humanity's Development of Low-Income Owner Housing, C-CAP's Northport Commons Housing Development, Movin' Out and Wisconsin Partnership's Twin Oaks Housing Development, and Madison Area Community Land Trust's Troy Court, Troy Gardens and Camino del Sol projects.

See also:  The City of Madison's American Dream Downpayment Initiative (ADDI) Program


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About the Community & Neighborhood Development Program
Currently Funded Activities ||| Results
Proposal Qualifications and Process
Materials Available from Us ||| How To Contact Us