Milwaukee CLT’s first home featured in the Journal-Sentinel, TMJ4, CBS 58, WISN 12, Urban Milwaukee and Telemundo
Mayor Cavalier Johnson and Ald. JoCasta Zamarripa helped unveil the newly renovated home during a ribbon-cutting ceremony Thursday in the Muskego Way neighborhood. They were joined by MCLT executive director Lamont Davis and JoAnna Bautch, executive director of VIA Community Development Corporation, which developed the home…
The nonprofit land trust buys homes and then uses public and private subsidies to reduce the price well below market value. In exchange for the reduced cost, MCLT retains ownership of the land and caps the price that a homeowner can seek when the house goes back on the market.
“We create this permanent affordability cycle,” Davis said.
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.
“Housing is a fundamental human need for people to reach their full potential,” said Joanna Bautch, VIA CDC executive director…”Since the 60’s, Black and Latino homeownership rates in Milwaukee have been trending downward. There’s been some improvement as of late but historically we’re worse off than we were in the 60’s,” said Lamont Davis, Milwaukee Community Land Trust executive director.
Milwaukee leaders unveiled the city’s first land trust home for sale Thursday morning. It’s designed to drive up home ownership in the city.
The model is intended to provide quality housing to low-income families at an affordable rate that allows for wealth accumulation. VIA CDC, through its award-winning Turnkey Renovation program, is partnering with MCLT on the first five homes.
“VIA’s mission is to be a partner in building strong, healthy neighborhoods where all of us can thrive,” said VIA CDC executive director JoAnna Bautch…“This is a new model to Milwaukee, but it’s not new to the United States,” said Davis, citing the success of more than 200 other trusts.
“La vivienda es una necesidad humana fundamental para que las personas alcancen su pleno potencial”, afirmó Joanna Bautch, directora ejecutiva de VIA CDC…Los índices de propiedad de viviendas están disminuyendo, y las familias negras y marrones son las más afectadas.
“Desde los años 60, las tasas de propietarios de vivienda negros y latinos en Milwaukee han tendido a la baja. Últimamente ha habido alguna mejora, pero históricamente estamos peor que en los años 60”, dijo Lamont Davis, director ejecutivo de Milwaukee Community Land Trust.