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Written by adminFebruary 12, 2016February 13, 2016

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Search our database for a down payment assistance program that will unlock your key to a new home.

"We found the classes so helpful when we purchased our new home. We were able to understand the full home buying process and are so excited to move into our new home!"

- Amy and Eric, Madison

The City of Madison promotes and facilitates homeownership opportunities for low-to-moderate income households. The City strongly believes in the importance of assisting in providing opportunities and resources to expand homeownership, assist in educating citizens and provide resources for maintaining decent, safe housing. The City promotes revitalization in older neighborhoods which encourages healthy neighborhoods and provides the opportunity for economic growth.

A common recognized obstacle to homeownership for first-time home buyers is accumulating the necessary funds for down payment and closing costs on a property which is affordable to the home buyers. The City Home-Buy the American Dream program is designed to provide assistance to low-to-moderate income households by covering a portion of the down payment and closing costs. These buyers otherwise would not be able to accumulate the necessary funds to qualify for a mortgage loan. The City of Madison provides first-time home buyers, with a long-term deferred loan which requires no monthly payment.

The City also has funds available to assist low-to-moderate income households maintain and rehabilitate their property. These funds are either a deferred payment loan requiring no monthly payment or a low interest Installment loan with monthly payments.

For additional information go to www.cityofmadison.com/homeloans

The Dane County Community Development Grant (CDBG) Program and HOME Investment Partnership (HOME) Program, located in Dane County’s Office of Economic and Workforce Development, work through community-based groups on projects to strengthen communities and to expand opportunities for low-and-moderate income households throughout Dane County. To expand homeownership opportunities, the programs work with partnering agencies to provide assistance to low and moderate-income households that are purchasing homes in participating Dane County municipalities.

Assistance is offered in the form of 0% interest, deferred payment loans. Over the past four years the Dane County CDBG and HOME programs have provided over 1.4 million dollars in down payment and mortgage reduction loans to qualifying households. In 2014, the Dane County CDBG and HOME programs will be partnering with Habitat for Humanity of Dane County, Movin’ Out, Inc, and Operation Fresh Start. Potential homebuyers interested in participating in Dane County’s CDBG and HOME homeownership programs should contact partnering agencies directly.