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27 Elm Street

These 5 town homes were built using modular construction, which resulted in a shorter delivery time and lower development costs than would be possible for comparable stick-built units. The town homes each have two bedrooms and were made available to first-time homebuyers. The homes were built on a site that was previously occupied by a dilapidated house that had received numerous code violation citations. Because the parcel size was relatively small and the condition of the existing home was so poor, the Madison Affordable Housing Corporation (MAHC) was able to acquire the property for a relatively low price. Each home also comes with a 30-year deed restriction that limits annual property value increases to increases in the consumer price index, preserving long-term affordability and keeping the homes available to new low- and moderate-income buyers. The MAHC has right of first refusal whenever a property is sold, and may also exercise the right to extend the deed restriction when the 30-year period has expired.