MACLT Member Corner
MACLT Homeowners will have access to funding assistance for minor rehabilitation and tree trimming/removal through funds awarded by the City of Madison as well as Dane County starting at the end of 2021.
The first step is to submit your application here.
For more information about the selection of applicants, see the MACLT Maintenance Funding Policy.
If you are planning any big projects on your home, make sure you get in touch with us about it! If MACLT approves your Capital Improvement, you may be able to get the apraised value of the project fully returned to you when you resell your house to the next buyer. You must submit estimates and plans for the improvement prior to beginning construction and have the plans approved by MACLT. See our Qualified Capital Improvements Policy below:
MACLT Qualified Capital Improvements Policy (Updated April 2024)
Some reasons you may want to refinance:
- If interest rates have dropped since you last financed your home. (Remember that you need to factor in loan application fees and closing costs, which can be about $1500.)
- If you have an adjustable rate mortgage and you want to convert it to a long-term fixed-rate loan.
- If you want to get a shorter loan term in order to pay off your loan earlier (like going from a 30-year loan to a 20-year loan).
- If you would like to take out cash from the equity you have invested in your home to do a Qualified Capital Improvement on your home (make sure to talk to staff about this!)
- If you have a second mortgage or other debt you want to pay off.
Frequently Asked Questions
What steps should I take?
Your first step is to contact us. And if you live at a condo association, make sure they know early on as well. Both MACLT and your condo association (if applicable) are peripherally involved in the process because of your ground lease agreement with us.
Should I expect my lender to contact me when interest rates go down?
No, It is up to each homeowner to keep track of interest rates, and then to contact your lender if you think that it might be a good time to refinance. MACLT staff may be able to give you a sense of current interest rates as well.
How much can I borrow against my home?
The maximum you can borrow against your home is the amount of money you could sell it for. For income-restricted homeowners, the resale price is set by deed restriction (what you paid plus 25% of the increase in market value). For market-rate homeowners, the resale price will be appraised market value.
Which lenders will refinance a MACLT home?
Not every lender offers CLT mortgages. Lending guidelines require that the lender has an established relationship with the CLT to approve CLT loans. Click here to see the list of lenders that currently offer CLT mortgages
If you would like to sell your MACLT home, your first step is to notify MACLT staff of your intent to sell.
MACLT will help you through the steps:
- Getting an Appraisal (MACLT staff can give you the names of appraisers who are familiar with CLT appraisals)
- Calculation of Purchase Option Price
- Connecting you with a buyer
- We have a new queue of ready, qualified buyers and a system for selecting a buyer
- We will use our right of first refusal and assign it to a buyer from our queue.
- Connecting you with a realtor to help through the process. Our partnered realtor Tiffany Malone at the Alvarado Group will work with the buyer and seller to finish the process. This service is offered at a reduced, fixed-rate fee added to the sale price through a direct partnership Alvarado Group and MACLT have established.
Resale Formula: You agree to pay it forward
Sale price = Initial purchase price + 1% simple interest per year home owned + Qualified Capital Improvements
The buyer will then pay an additional sales fee to our partnered realtor at Alvarado Group.
You get to keep the equity you have invested and a portion of the appreciated value & the home gets more affordable over time for the next generations of owners!
For more information about the timeline and process for an MACLT home sale, please see this handout about Selling your MACLT Home.