Three types of subsidy will be available to buyers of CohoMadison 11 affordable units, which are limited to households at or below 80% of Area Median Income.
- We have secured $36,364 in subsidy funding from the City of Madison that is specifically set aside for our project, which will be a “soft second” mortgage that will not require repayment unit the home is resold (or in the event of a cash-out refinance), and which is assumable by the next income-eligible buyer.
- Buyers will also be eligible for Down Payment Plus ($6,000) from the Federal Home Loan Bank, which is available through our participating lenders.
- First-time homebuyers will be eligible for $20,000 under the City of Madison’s Home Buy – The American Dream subsidy program. “First-time” is defined by the City of Madison as one of the following: (a) an individual who has not owned property in last 3 years, or (b) a single parent with a dependent minor child.