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, HOME, HCRI/HODAP) to provide downpayment and closing cost assistance in order to promote opportunities for first-time homebuyers or longer-term affordability.

The CD Office will consider investment in an inclusionary zoning activity if the activity provides enhancements in a project beyond those that would normally be expected under the inclusionary dwelling unit ordinance. The CD Office will limit its aggregate investment of CD funds that may be used within IZ activities in any one year to not more than 20% of its total estimated CDBG, HOME, EDI, Housing Trust Fund, or program income budgeted for Objectives A, B, and D of the Framework.

The 2007 City objective is to help at least 100 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 or rental 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 Gardens project.

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


City of Madison Homepage
Back to
City of Madison
Homepage

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