Many people showed up to buy $1 homes from the City of Milwaukee Monday.
Unfortunately, those homes were only available to developers who could build five or more homes to refurbish. Still, the City of Milwaukee hopes those people will take advantage of their other programs to encourage people to own homes in Milwaukee.
"Once they get into a house, they make it their own, over time they fix it up, they become part of the neighborhood fabric," said Martha Brown, the deputy commissioner for the Milwaukee Department of City Development.
The City offers programs ranging from a $500 grant to new home buyers to fix up their home's curb appeal, to a $20,000 forgivable matching loan for renovations on a home.
Brown said the process to owning a city-owned home starts at one of three community organizations to prepare for home ownership.
ACTS Housing, HRI Housing Resources, Inc. and UCC United Community Center provide perspective homeowners assistance in preparing their finances, understanding the obligations of having a home and working with financial institutions to get financing. The city feels those groups help create better neighbors in new owners moving into homes.
If you're interested in using city, state or federal programs to buy your house, you can learn more at the resources below:
MLWAUKEE NEIGHBORHOOD LOAN PROGRAMS
- Targeted Investment Neighborhoods - Home Rehabilitation Program- forgivable loans
- Rental Rehabilitation Loan Program- no interest rate, forgivable loans
- Tax Incremental Districts- forgivable loans
LOANS FOR ANYWHERE IN MILWAUKEE
- STRONG Homes Loan -- Emergency repairs on your home - partially forgivable loan
- Homebuyer Assistance Program- fully forgivable loan
HOME BUYER EDUCATION
FIND A REAL ESTATE BROKER TO HELP YOU BUY A HOUSE