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This cozy Eastside bungalow offers classic character and plenty of outdoor space. This home features hardwood floors, two bedrooms, and a bright, comfortable living space. Downstairs, you’ll find a partially finished area perfect for a recreation room, plus a built-in garage and convenient laundry space. Step outside to enjoy a spacious back porch and a spacious backyard.
Address:
3138 Hermina Street
Madison, WI 53714
Price: $180,760
Type:
- Eastside Bungalow
- Main floor: 746 sq ft. 2 small bedrooms, 1 bath with hardwood floors
- Basement: 144 sq ft finished, plus built-in 1-car garage and laundry room
- Large back porch, yard, and garden
- Monthly fees: $75 ground lease fee
Appliances:
- Energy Star appliances (stove, fridge, washer, dryer)
- Appliances updated in 2021
Flooring:
- Hardwood floors throughout the main level
- LVP in the basement
Monthly Dues:
- $75 Ground Lease Fee
Home Improvements:
- New roof & insulation (2021)
Utilities:
MG&E, Madison Municipal Services
School District: Madison
Madison Metropolitan School District. Learn more about schools: https://www.madison.k12.wi.us/about/attendance-areas
MACLT Homes & Eligibility Criteria
This home is a permanently-affordable Community Land Trust (CLT) home. The ground lease and declaration of restrictive covenants created by MACLT set a resale formula for when you move out. You buy your home at a below-market-rate price — and in return, if you ever sell your land trust home, you agree to sell your home to another income-eligible household at a below-market-rate price MACLT has a resale formula to set the price of the home when you move out. The resale formula, which governs the resale price is: Sale price = Initial purchase price + 1% simple interest per year home owned + Qualified Capital Improvements.
You can stay in your home as long as you live — and you can pass it along to your children or other member of your household, so long as they are below the income requirements. Or you can sell it and get back the equity you put in, plus some on top. The CLT model helps keep homes affordable for future generations to meet the needs of the community. You can learn more at www.maclt.org. Note that to qualify to buy this house, the following conditions must apply:
ELIGIBILITY CRITERIA FOR THIS HOME
- Household income must be below 80% county median income (see table below)
- Submit a program pre-application to determine eligibility
- Attend an MACLT orientation with staff ( link schedule)
- Be pre-approved for a mortgage with an MACLT-approved lender at the value of the house available, with the necessary down-payment or down-payment assistance
- Attend a HUD-certified Home Buyer Education Workshop (completion certificate valid for 18 months) See here for a schedule of courses.
- You should first complete our MACLT Pre-application to begin the process!
Pre-applications should be submitted as soon as possible. All other eligibility criteria do not need to be met in any order; however, all must be met before a prospective buyer can close on a CLT home. If multiple people are interested in a home, a top buyer will be selected according to an equity-based point system in place at MACLT.
Upcoming MACLT Orientations
Join us on Thursday, November 20th, for MACLT Orientation! MACLT’s orientation will cover the Madison Community Land Trust (CLT) program, and you can find more information on our website (www.maclt.org).
Thursday, November 20th at 5:30 PM on Zoom
- Location: Virtual Zoom, Register→ HERE for Virtual Orientation on Zoom
¡Acompáñenos el jueves 20 de noviembre para la Orientación de MACLT! La orientación de MACLT cubrirá el programa del Fideicomiso de Tierras Comunitarias (CLT por sus siglas en inglés) de Madison, cual puede encontrar mas información en nuestro sitio web (www.maclt.org).
jueves 20 de noviembre, 5:30 PM via Zoom
- Virtual en Zoom, regístrese aqui: https://us06web.zoom.us/meeting/register/iizOCi_cQvKekaXWzZSCDg
Join Us for an Open House
An open house will be held at 3138 Hermina Street on November 30th from 1:00-3:00 PM.
Se llevará a cabo una jornada de puertas abiertas en 3138 Hermina Street el 30 de noviembre de 1:00 a 3:00 p.m.
