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Your income, past rental, credit and behavior history will be verified as part of the application process. If your family meets the eligibility criteria, you will have the opportunity to view and inspect homes that are available and choose one that fits the needs of your family. If no homes are currently available, your name will be placed on a waiting and you will be contacted once something becomes available. If you are not eligible for the program, we will send you a letter stating the reason. You may be eligible to apply again once you meet the requirements that you were denied for.
The Single Family Homeownership Program has forged a variety of partnerships that subsidize this program:
The Urban League operates both a short and long term lease to purchase program. You will be informed of the lease period before being accepted into the program.
LONG TERM PROGRAM: Federal regulations require that the home remain a rental property for 15 years. This means that if a family occupies the home for 3 years through this program and decides to move, the next family to move into that home will only be ?renters? for 12 years. Due to limited turnover in this program, most homes that become available are newly acquired (i.e. 15 years). Household income must be between 40 and 60 percent of area median income adjusted for family size. Download application for current figures.
SHORT TERM PROGRAM: The partnership occasionally makes homes available through a 1 to 5 year program. The income requirements for this program are higher – between 60 and 80 percent of area median income level. Download application for current figures.
There is no penalty for an increase in your family income. However, it is absolutely critical that your family income meet the eligibility guidelines at the time that you enter the program. We are required to third-party verify your income and assets much like banks must do when families purchase a home. This includes a certification and good-faith estimate of your projected income during your first year in the program.
Ownership of the home will transfer to you at the cost of $1. You will need to obtain a loan to cover the remaining mortgage balances on the home, closing costs, and expenses in connection with your home purchase. You will follow a process as would any home-buyer including shopping around for the best rate and undergoing a thorough credit verification and check. As a first-time home-buyer, you may be eligible for special programs (such as the WHEDA program), based on your income at the end of the program period. By making your monthly rent payments and by paying other bills on time while you are in the program, you help ensure your ability to obtain a loan at a favorable interest rate.
While this is extremely difficult to predict due to many variables including the interest rate environment at the end of the ?rental? period, your monthly housing cost (mortgage payment, taxes, insurance) is expected to approximate the monthly rent payment during your participation in the program.
There are?a couple?things you should take into account when considering leaving the program:
The long term program is operated by Madison Community Reinvestment Associates, a partnership that includes the Urban League of Greater Madison, Wisconsin Affordable Housing Corporation, and U.S. Bank.
The short term program is operated by the Urban League of Greater Madison and Wisconsin Affordable Housing Corporation with financing provided by Forward Community Investments.
Additional financial support is provided by the City of Madison Community Development Block Grant Program, United Way of Dane County, and the Wisconsin Housing and Economic Development Authority (WHEDA).
Urban League of Greater Madison
2222 S. Park Street, Suite 200
Madison, WI 53713
(608) 338-3417 (hotline)
(608) 729-1205 (fax)
Wisconsin Affordable Housing Corp.
402 South Gammon Place, Ste. 310
Madison, WI 53719
(608) 239-8137 (mobile)