WHEDA and Local Legislators Announce Foreclosure Prevention Grant

WHEDA® and Local Legislators Announce Foreclosure Prevention Grant

Agencies to serve Latino and South Side Milwaukee homeowners

Milwaukee - The Wisconsin Housing and Economic Development Authority (WHEDA®), area legislators and local counseling agencies announced a federal grant supporting foreclosure prevention to be distributed to local nonprofit counseling agencies in Southeast Wisconsin today.

WHEDA Executive Director Antonio Riley was joined by State Representatives Josh Zepnick and Pedro Colón, and Fernando Campos of the United Community Center (UCC) this morning to promote local foreclosure prevention efforts, including federal grants in excess of $106,000 to be divided amongst Milwaukee-area counseling agencies UCC and Housing Resources Inc. (HRI) and hbc services, which serves Waukesha and Jefferson counties.

"This grant provides our partner nonprofit agencies an additional resource to educate the Milwaukee community on foreclosure prevention," said Riley. "By partnering with agencies such as UCC, we will remain optimistic that our community can help reverse the nation-wide foreclosure trends."

The announcement also highlighted the involvement of each organization with the nationwide foreclosure prevention hotline ran by the Homeownership Preservation Foundation. The 24-hour hotline helps callers facing foreclosure by working on a budget and helping to arrange a workout with their lender by calling 888-995-HOPE. Callers from the Milwaukee area who require additional help will be referred to HRI, hbc services or UCC.

The partnership also includes a network of local WHEDA-approved lenders, including M&I Bank, who offer safe refinance products. Other lenders include Associated Bank, Anchor Bank, Royal Credit Union, Universal Mortgage, US Bank and UW Credit Union.

In Milwaukee County, one in every 85 homes is in foreclosure, according to data recently released from the UW Extension. Additionally, foreclosures as a result of subprime loans are expected to peak in 2008.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. For more information on WHEDA's housing programs, call 1-800-334-6873 or visit browse this web site.