Lease-to-Purchase Program
Housing for Long-Term Affordability
Since 1999, Common Wealth has purchased, rehabbed, and re-sold 34 properties to first-time lower-income home buyers in our Lease-Purchase program. Most of these homes have been two-unit properties, though some were single-family homes.
The goal of the Lease-to-Purchase program is to provide affordable home ownership opportunities and one-on-one homeownership counseling. A resident in this program may rent a house for a period of time with an option to buy, as a portion of their rent payment is deposited into a down payment account.
Common Wealth provides deferred payment second mortgage financing which helps to reduce housing costs, and a shared appreciation agreement is created to help keep these Lease-Purchase Program houses affordable into the future for low to moderate-income households.
We have no homes available right now and are not accepting applications.
Check this page for updates.
Currently, CWD has two homes that are part of the Lease-to-Purchase program that are occupied and will be purchased by 2028. Common Wealth continues to explore opportunities to expand this program, please reach out if interested in selling your house, if you have questions about the program, or to learn more by emailing homes@cwd.org.
Providing Opportunities for First-Time Homebuyers
The Lease-Purchase program provides an opportunity for first-time homebuyers to become homeowners and maintain long-term housing affordability through a shared appreciation model. This program is designed to assist persons who could not otherwise afford to purchase a home without assistance.
How It Works
A participant leases a house from Common Wealth with an option to purchase.
A portion of their monthly rental payment is deposited into an account over a period, up to 3 years, to accrue a down payment of 3 to 5%.
Other sources can be used for a down payment such as personal savings or a security deposit. Additional down payment assistance grants or loans may be available to help with down payment or closing cost assistance.
Once the down payment is accrued, the participant can purchase the house from Common Wealth.
A deferred payment second mortgage for approximately 25 to 35% of the value of the house will be used to help decrease the housing costs.
A 50/50 shared appreciation model, which limits the amount of appreciation an owner will receive, will be used to keep this housing affordable into the future.
How to Apply
We are not currently reviewing applications at this time, but when we are, an interested person may apply using an application linked on this page.
Applications must be completed in full to be considered.
Please refer to the linked PDFs above to see what supporting documents are necessary to verify the information provided in your application.
Complete applications and supporting documents may be sent via email to homes@cwd.org or be turned in physically at our main office located at 1501 Williamson St. Madison, WI 53703.
Completed applications will be reviewed on a first-come-first-serve basis.