Partnership Creates Home Ownership Opportunites
In 2011, Common Wealth Development became affiliated with Madison Area Community Land Trust (MACLT). Common Wealth Development provides staff to MACLT, and the Boards of the two nonprofits have some overlapping members.
The Madison Area Community Land Trust is a 501(c)(3) nonprofit organization seeking to promote affordable housing for buyers at or below 80% of median income in the City of Madison. MACLT also owns Troy Gardens on Madison’s north side. In addition to 30 homes, the 31-acre site has hundreds of community garden plots, an organic CSA farm, and natural areas.
The Community Land Trust model helps keep housing affordable for future generations. Under the model, Community Land Trust homeowners purchase their house, but not the land, which lowers the purchase price. The land is leased from the land trust. When Community Land Trust homeowners sell their home, 75% of the appreciated value stays with the house, so it’s more affordable for the next buyer.