WHEDA partners with Milwaukee agencies for home buyer counseling, property repair and rehabilitation assessments
August 30, 2016
The Wisconsin Housing and
Economic Development Authority (WHEDA) is partnering with four Milwaukee-based nonprofit
agencies to offer home buyer counseling, property repair and rehabilitation
assessments as well as general contracting coordination. Services will be
available in six Milwaukee neighborhoods.
Acts Housing, Community First, Housing Resources, Inc. and the United Community
Center will provide counseling services to support a new WHEDA pilot loan
program, the Transform Advantage. Home
buyers looking to live in the Clarke Square, Garden Homes, Josey Heights, Near
West Side, Riverwest, or Walnut Circle neighborhoods will be able to access the
Transform Advantage loan as well as counseling services from the four nonprofit
agencies. All six neighborhoods are located within the Transform Milwaukee
target area.
“Home buyer counseling is a key element for WHEDA’s Single Family Home Loan Program,”
said WHEDA Executive Director Wyman Winston.
“The Transform Advantage together with these four partners will expand
home ownership opportunities in Milwaukee.
We’re delighted that these housing counseling agencies will offer
education and guidance to consumers.”
Under the pilot loan program, Acts Housing, Housing Resources, Inc. and the
United Community Center will provide home buyer counseling. Repair and rehabilitation assessments as well
as general contracting work will be coordinated through Acts Housing and
Community First.
The Transform Advantage, a first and second mortgage loan product, can be used to acquire and rehabilitate a property or for new construction. Other product features and benefits include:
- Up to 100% financing is available on the first mortgage
- 150% maximum financing on the second mortgage
- No down payment requirement
- 0% interest with no monthly payments for 12 months while a property is under construction or being rehabbed
- Homes must be purchased or built in one of the six specific neighborhoods
- Home buyer education is required as well as consultation with one of the partner agencies to scope rehab or construction efforts
The creation of the unique Transform Advantage will build upon what has already been accomplished in the Transform Milwaukee area, thanks to the enhanced services that will be offered by our nonprofit partners. |
- Executive Director Wyman Winston |
“The creation of the unique Transform Advantage will build upon what has already been accomplished in the Transform Milwaukee area, thanks to the enhanced services that will be offered by our nonprofit partners,” said Winston. “The counseling component is extremely critical to the success of WHEDA’s lending efforts.”
Governor Scott Walker and WHEDA first launched Transform Milwaukee on April 30, 2012. The initiative focuses on restoring economic vitality to the industrial corridor, adjacent neighborhoods, and small business development connecting Milwaukee’s 30th Street Industrial Corridor, the Menomonee Valley, Riverworks, the Harbor District, Port of Milwaukee, and the Aerotropolis.
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 and eligibility requirements for the Transform Advantage,
visit www.wheda.com or
call 1-800-334-6873.