MILWAUKEE, Wis. — With homeownership rates on the decline, a new community-led program hopes to bridge the gap and welcome new residents to move-in ready homes.
“We believe affordable, safe, and healthy housing is the foundation for strengthening our neighborhoods,” said JoAnna Bautch, Executive Director, VIA CDC.
With the cut of a ribbon, Milwaukee’s first community land trust home is now available for its newest buyer.
Created through a partnership between VIA CDC and the Milwaukee Community Land Trust, the single-family home’s presence on the city’s near south side hopes to offer an affordable housing option for communities where homeownership levels are low, particularly black and brown families.
“Our program is really going to target folks who are forever going to be renters unless they're able to find a significant down payment or increase their income. Since we can't take care of those things, what we can do is we can bring the price of homeownership down to them,” said Lamont Davis, Executive Director, Milwaukee Community Land Trust.
The home’s original value ran upwards of six figures, but thanks to the Land Trust, leaders say the new $80,000 price tag allows for greater access to better neighborhoods, better schools and a better future.
“There are hundreds of families ready to purchase homes, but the inventory just isn't there. And so, this opportunity really brings a light for our community to have that accessibility, to have the inventory that's within the means of their economic status. They can afford this house,” said Bautch.
While Milwaukee isn’t the first city to incorporate this type of program, leaders and organizers say this is only the beginning.
“This is the tip of the iceberg. More of this is going to happen in neighborhoods across the city, not just here on the near south side, but also on the north side of the city as well. And that's a good thing for families across the city,” said Milwaukee Mayor Cavalier Johnson.
With five more homes expected to hit the market in 2023, the Milwaukee Community Land Trust hopes to develop and sell 50 homes by 2025.
For more information on how you can apply, head to their website.
