WHEDA launches campaign to promote African American Home ownership

Event Also Honors Top Performing Housing Lenders

As WHEDA Executive Director Antonio Riley listens, Bishop Sedgwick Daniels addresses the gathering at the Italian Community Center for the economic and housing organization’s unveiling of a new advertising campaign to increase Homeownership in the Black community. (photo by Harry Kemp)

The Wisconsin Housing and Economic Development Authority (WHEDA) on Friday hosted an event to acknowledge and award WHEDA’s top performing housing lenders and launch a new advertising campaign to increase Home ownership in the African American community.

Antonio Riley, the executive director of WHEDA, awarded Universal Mortgage, M&I Bank, and Wisconsin Mortgage as the top WHEDA lenders in Wisconsin, and unveiled the new ad campaign during a luncheon at the Italian Community Center in downtown Milwaukee.

Key urban centers with diverse populations have traditionally experienced lower Homeownership rates statewide. WHEDA has identified a growing demand for affordable mortgages in Beloit, Madison, Milwaukee and Racine, and is employing an advertising campaign to help complete 100 Home loans to African Americans in these four cities by the end of 2007.

"Our steps towards this goal have already begun," Executive Director Riley said. "We have developed a comprehensive marketing campaign and innovative new products that will allow us to help make the dream of Homeownership a reality for many African American families in Wisconsin."

WHEDA has developed the Partnership Neighborhood Initiative in the four target cities, featuring both a reduced interest rate loan as well as down payment grant assistance through the Federal Home Loan Bank of Chicago. First-time buyers who purchase a Home in specific neighborhoods will be eligible to receive this assistance.

"With the Partnership Neighborhood Initiative, we are breaking down the barriers to Home ownership and giving folks the resources they need to be successful Homeowners--all with a mortgage they can afford," Riley said.

"Through this initiative, we are offering Home buyer education, access to credit counseling services, down payment assistance, flexible credit guidelines, and other tools that will help families purchase their Homes."

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin.

Under Governor Doyle, WHEDA has written loans to 17,892 Homebuyers, totaling $1.8 billion in lending. In Milwaukee alone, they have provided loans to over 2,300 people, representing $245 million in lending.