Madison’s affordable homeownership program to build and rehabilitate homes is returning after a one-year hiatus with a few key changes, according to the Wisconsin State Journal. The city will boost subsidies to help nonprofit developers participate and sell city-owned lots for $1.
The roughly $5 million program, funded by the city and federal government, will help with the construction of additional affordable housing, down payment assistance, small-scale home repairs, and homebuyer education. Madison will provide vetted nonprofit and for-profit developers with as much as $200,000 in loans and grants for the construction of each home through the program. Nonprofit developers can also apply for funding to support homebuyers with their down payment.
The increase in city subsidies reflects a rise in housing costs.
A streamlined application process for the program will be open to developers until April, with contracts awarded at the end of 2025.
