Elsa Floyd’s dream of homeownership was realized thanks to a partnership between the City of Madison and community organizations. Before she moved into her new home in the Mosaic Ridge subdivision, Floyd celebrated this accomplishment with Madison Mayor Satya Rhodes-Conway, Alder Yannette Figueroa Cole, and local officials.
“Buying a home in Madison is a challenge. Affordable housing isn’t so affordable. But then I came upon the Madison Area Community Land Trust on the web and I shared it with my husband,” said Floyd at a celebration outside her new home.
“We discussed it, talked about the pros and cons, and we thought, ‘This is our chance to stay in Madison’…. We couldn’t be more grateful and excited about this milestone.”
Floyd’s new home is one of two new single-family houses that complete a decades-long revitalization project from Madison's Community Development Authority (CDA). After developing 22 other homes in the Mosaic Ridge subdivision, the City partnered with Wisconsin Partnership for Housing Development and Madison Area Community Land Trust to build two additional land trust homes. This partnership — with support from the City’s Affordable Housing Fund and its down payment assistance program for first-time homebuyers — will ensure the dream of homeownership can be passed on for the life of the two properties.
"We’re proud to partner with the City of Madison, whose support makes permanently affordable homeownership possible,” said Olivia Williams, executive director of Madison Area Community Land Trust.
“This is exactly this kind of partnership that allows the community land trust model to grow and thrive." Before being given a tour, Mayor Rhodes-Conway congratulated Floyd and her family.
“The City and CDA have been working for years to bring new housing into this neighborhood. It's part of our effort to make sure that people in our community have the choices that they need to live in the neighborhoods that they want to live in and in the type of housing that they want to live in,” said Mayor Rhodes-Conway. “There are many people in our community that are eligible for land trust homes. We also support first-time homebuyer courses and down payment assistance programs. I encourage folks who are interested in home ownership to reach out and find out more about those programs. We are doing everything we can to increase homeownership opportunities in Madison.”
(https://www.cityofmadison.com/mayor)
