Waunakee board updates Housing Betterment Fund, approves grant and eyes down-payment pilot

The Waunakee Village Board on July 8 approved updates to the Waunakee Housing Betterment Fund policy to handle projects using financing and clarify eligibility for exterior condominium work, and approved a grant tied to a specific property while discussing a potential down-payment assistance pilot.

Kylie (staff member) summarized the policy changes and said staff provided a redline and a final version in the meeting packet. "We did, in the May meeting, we talked about preparing some modifications, for those that utilize financing because we started seeing applications utilizing financing, and we weren't really prepared for how best to handle that with our program guidelines," Kylie said.

Board members asked for tightened language around financing documentation, sequencing of grant payments and enforcement tools. One board member suggested replacing the phrase "signed financing terms" with wording that indicates some finality (for example, "signed or agreed-upon financing terms") and proposed adding contract language or lien mechanisms to ensure funds are applied as intended. Kylie said those clerical and contract items could be handled with the village attorney and in contract templates.

A committee member moved to approve the updated Waunakee Housing Betterment Fund policy "with the changes made at the meeting and pending the attorney's approval of the 60-day requirement." The motion was seconded and carried by voice vote.

The board then approved a Housing Betterment Fund grant for the property at 1108 South Salito Drive. The motion recorded on the floor described the award as "in the amount of up to $700,433 or 50% of the final project cost, whichever is less"; the motion carried by voice vote. The meeting record did not include a roll-call vote or named vote tallies.

Later in the meeting staff presented an updated hypothetical TID balance spreadsheet and the board discussed establishing a pilot down-payment assistance program to help teachers, municipal employees, child-care workers and other local staff. Suggestions included a revolving forgivable lien, volunteer-payback models (where recipients provide approved volunteer hours), security-deposit assistance, and careful consideration of income limits so the program would target intended workers.

Chair said staff (Kylie and Lauren) will bring options and recommendations back to the August meeting for further discussion. No additional funding commitments for a down-payment program were made at the July 8 meeting.

The meeting adjourned after one final voice vote approving adjournment.