Urban League launches $5 million initiative to increase homeownership among Black Madisonians
The Urban League says it is in the process of purchasing 15 and 17 homes in economically distressed neighborhoods
MADISON, Wis. (WMTV) - Urban League of Greater Madison President & CEO, Ruben L. Anthony, Jr., announced Thursday that the organization is launching a new $5 million initiative to increase homeownership among Black Madisonians.
Anthony was joined by partners WHEDA Executive Director Joaquin Altoro, Madison Mayor Satya Rhodes-Conway, South Madison Alder Sheri Carter, and other financing partners from National Community Investment Fund, Wells Fargo, and Johnson Bank.
The Urban League says it is in the process of purchasing 15 and 17 homes in economically distressed neighborhoods, performing renovation work on the homes over the next year, and then re-selling them to low income families who are seeking to become first-time homeowners.
The Urban League will offer families a no-down payment, interest-only program with a saving and wealth building component. Additionally, homeownership readiness training and individualized financial counseling will be available to the families.
According to a news release, The Wisconsin Housing & Economic Development Authority (WHEDA) will contribute nearly $3,500,000 to the project. The City of Madison will provide nearly $200,000 to help further bring down the cost to families.
“The City is proud to expand our multi-faceted partnership with the Urban League,” said Mayor Satya Rhodes-Conway. “We invest in the Urban League’s academic and career development programming for youth, we invest in the Urban League’s job training for adults, and the next logical extension of this partnership is to support the long-term family stability that comes through homeownership.”
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