Madison City Council approves over $6 million to fund homeownership programs

The city of Madison has made another step in support of more affordable homeownership.

The Madison City Council approved more than $6 million in funding to support several homeownership programs and new owner-occupied homes during its Feb. 24 meeting.

The goal is to support more affordable homeownership opportunities for households earning less than the area median income of $88,000, according to Census.gov. 

The Community Development Division’s 2025 affordable homeownership request for proposals (RFP) asked for proposals for affordable, owner-occupied housing developments and homeownership programs that offer assistance for down payments and closing costs, minor home repairs or homebuyer education for income-qualified households. 

Of 17 proposals, 12 were selected for funding. 

In total, the funded proposals will help create 29 new, affordable owner-occupied homes and fund five homeownership service programs. 

The City Council action also authorizes the city’s Economic Development Division to make 10 vacant city-owned residential lots in the Owl Creek neighborhood available to support the creation of the new homes.

More information can be found on the city’s website.