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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