$2 million to fund the Madison Area Community Land Trust (MACLT)

I co-sponsored a resolution that just passed to allocate $2 million to fund the Madison Area Community Land Trust (MACLT) in creating permanent affordable owner-occupied housing.

This is one of the innovative approaches we are using to tackle the Affordable Housing crisis.

At least $1 million will go toward affordable home ownership opportunities outside Madison, with properties reserved for households earning at or below 50% of the area median income.

MACLT plans to develop at least seven single-family homes, which will be sold to income-eligible buyers. The land will remain under MACLT ownership through a 98-year renewable lease, and buyers must agree to resell at an affordable price based on a resale formula.

Not one single approach when it comes to affordable housing so we need to press any and all solutions.