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Lease-Purchase Program |
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Common Wealth Development’s Lease-Purchase Program provides affordable home ownership opportunities to low and moderate-income individuals.
Since 1999, Common Wealth has purchased, rehabbed and re-sold 14 properties to first time lower-income homebuyers. Most of the homes are two-unit properties. Some houses are single family. In addition to Common Wealth’s goal of providing affordable home ownership opportunities, staff also provides one-on-one home ownership counseling.
Usually a Lease-Purchase Program potential homebuyer lives in one apartment while the other apartment in the building is rented. A Lease-Purchase Program resident may lease for up to 3 years 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. Once the Lease-Purchase Program resident buys the house they collect rent from and maintain the other apartment in their building. 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 2003, 80% household income for a two-person household is $45,200 and a four-person household income is $56,500.
There are currently no houses available in the Lease-Purchase Program. If you would like to place your name on an interest list for future opportunities in the Lease-Purchase Program, please email Paul at paul@cwd.org with your name, address and phone number. |
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