Madison Area Community Land Trust (MACLT)
Forward Community Investments provided $650,000 in loans to MACLT for the predevelopment and construction of housing at Troy Gardens (Madison, WI). The project provided 30 units of permanently affordable owner-occupied housing on a five-acre infill parcel of land that includes community gardens and a working CSA farm.
Loan Amount: $100,000 for predevelopment + $550,000 for construction financing
TOTAL LOAN=$650,000
MACLT was founded in 1991 to promote affordable housing in perpetuity for first-time home buyers at or below 80% of county median income. The MACLT model helps keep housing affordable for future generations. Under the model, land trust homeowners purchase their house but not the land (this lowers the purchase price); the land is leased from the land trust. When homeowners sell their home, 75% of the appreciated value stays with the house, so it's more affordable for the next buyer.
MACLT is one of 200 community land trusts across the country. A community land trust provides a form of permanent stewardship of land for the benefit of the community that removes land from the speculative market and facilitates multiple uses such as affordable housing, village improvement, commercial space, agriculture, recreation and open space preservation.
Forward Community Investments provided $650,000 in loans to MACLT for the predevelopment and construction of housing at Troy Gardens (Madison, WI). The project provided 30 units of permanently affordable owner-occupied housing on a five-acre infill parcel of land that includes community gardens and a working CSA farm.
Troy Gardens is an award-winning 31-acre project which combines community gardens, a working CSA farm, a restored prairie, and a thirty home mixed-income cohousing community, including 20 affordable townhomes. In 2007, AARP and the National Association of Home Builders awarded the project with the 2007 Livable Communities Award for forward thinking in the field of home and community design. It cited the project as being “attractive, well-designed, comfortable, safe and accessible for people of all ages and abilities.”
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"Without Forward Community Investments and a willingness to provide non-traditional financing, we would not be able to provide these programs.”
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"With affordable financing and a progressive mission that aligns with ours, Forward Community Investments has been a great fit.”
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"I think Forward Community Investments is truly a partner because a partner picks up where you leave off. It was fairly straightforward.”
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"The predevelopment loan from Forward Community Investments made affordable development possible in times when capital is difficult to find."
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"The workshop definitely helped to increase our awareness of capacity building, and the online self-assessment tool that was presented will be a great asset in making our program more effective.”
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“Financing from Forward Community Investments allows us to make a greater impact on low-income and no-income families in Wisconsin.”
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In addition to providing us with a $60,000 loan for predevelopment expenses, Forward Community Investments facilitated the transfer of more than $5 million in New Market Tax Credits to this project. This access to capital meant that we were able to reach our goal earlier than expected – saving us valuable time and money.”
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“FCI finds ways to finance projects that no others can. I truly believe you are all unique and outstanding.”
