Photo: Christine Hartelt
Affordable Home Ownership
Common Wealth Development Homes for Sale:
Shared Appreciation for Long-Term Affordability
Since 1999, Common Wealth has purchased, rehabbed and re-sold 34 properties to first-time lower-income home buyers. Most of these homes have been two-unit properties, though some were single family homes.
In addition to Common Wealth’s goal of providing affordable home ownership opportunities, staff also provides one-on-one home ownership counseling. A Lease-Purchase Program resident may rent a house for a period of time with an option to buy. A portion of the resident’s rent is deposited into a down payment account. Common Wealth provides 0% second mortgage financing which helps to reduce housing costs. A shared appreciation agreement helps keep these Lease-Purchase Program houses affordable into the future for low to moderate-income households.
To qualify for this program, a person must be a first-time homebuyer, and their household income must be under 80% of Dane County Median Income adjusted for household size. As of January 2012, 80% household income for a two-person household is $52,000 – $54,400 and a four-person household income is $65,000 – $68,000.
Additional Homeownership Opportunities Through Our Affiliated Partner, Madison Area Community Land Trust
Common Wealth has been affiliated with the nonprofit Madison Area Community Land Trust since 2011. To learn more about current homeownership opportunities through MACLT, visit their website, www.affordablehome.org.