Madison County Community Development Programs

Information regarding development funds that are available to provide a portion of the minimum down payment and closing costs is below.  If you need assistance or have questions about these programs, please contact me.

Rick Lauschke

Madison County Community Development

Homebuyer Program

Many homebuyers are not aware of the existence of community development funds that are available to help a homebuyer purchase a home in Madison County. The Madison County Community Development Homebuyer Program is designed to assist low-income households, one time only per household, in purchasing a home in Madison County. The income figure that will be used to determine eligibility is the gross household annual income to be received by the household during the next 12 months. Income guidelines are as follows:

Anticipated Annual Household Income*

  1. 36,900 for Household Size ONE
  2. 42,200 for Household Size TWO
  3. 47,450 for Household Size THREE
  4. 52,700 for Household Size FOUR
  5. 56,950 for Household Size FIVE
  6. 61,150 for Household Size SIX
  7. 65,350 for Household Size SEVEN
  8. 69,600 for Household Size EIGHT

* Please note these income levels are subject to change by the department of U.S. Housing and Urban Development.

Madison County Community Development will provide a portion of the minimum down payment and closing costs. The total maximum amount of assistance provided by Madison County Community Development shall be $5,000 for households at or below 50% of median income, or $3,000 for households at or below 80% of median income. Financial assistance from Madison County will be offered in the form of a forgivable loan. Some of these loans will depreciated at a rate of 20% per year and others from MCCD’s IHDA grant will be pro-rated on a monthly basis over the 5 year period. A lien will be filed for the amount of the assistance.

The property being purchased can be an existing or newly constructed home that will be used as a principal residence.  It may be either a detached single-family dwelling or condominium. This program will not assist in the purchase or inspection of rental property, manufactured or mobile homes. The maximum value of the property being purchased must not exceed the program limit of $213,750.

The program will only provide assistance only with the involvement of an approved participating lending institution. I encourage the homebuyer to contact an approved area lender. These lenders have the HOMEbuyer application package and will work with you to determine eligibility, as well as, submit the necessary paperwork to get approval.

As a homebuyer you will be required to have one year clean credit, two years steady income and a copy of your most recent pay stub. There are other requirements of this program, such as home inspections, insurance, escrow accounts, homebuyer counseling, etc. Your approved local lender will be able to walk you through the requirements necessary to be approved for this assistance. I strongly encourage each homebuyer to check into this program.

For more information you can contact Madison County Community Development at 618-692-8940.