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.