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500 STRONG home loans given to Milwaukee homeowners

housing market
Posted at 4:25 PM, Oct 12, 2021
and last updated 2021-10-12 17:25:41-04

MILWAUKEE — More than 500 partially-forgivable loans have been awarded to Milwaukee homeowners through the city's STRONG Homes Loan Program.

The milestone is the result of the city's Neighborhood Improvement Development Corporation's initiative to increase housing stability and affordability.

“Affordable and accessible housing is the foundation of a stronger, more equitable Milwaukee,” said Mayor Tom Barrett. “I am proud our STRONG Homes Loan Program is delivering real results for residents and families in supporting homeownership and strengthening neighborhoods throughout the City.”

The program offers partially-forgivable loans up to $20,000. The loans can be used to make emergency and essential home repairs and address building code orders. Homeowners who are low income and elderly or disabled can choose a deferred payment option.

Meanwhile, Milwaukee's Common Council approved legislation Tuesday that could also help homeowners. Unrelated to the STRONG Homes Loan Program, the Common Council is looking to use American Rescue Plan Act funds allocated for housing rehabilitation and new construction for prioritizing things like the impact of the project on the surrounding community, the evaluation of how many residents could become displaced by the project, and efforts to increase homeownership among African-American and Latino communities.

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