Milwaukee gets help dealing with ongoing foreclosure crisis

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MILWAUKEE (WITI) — ACTS Housing has announced that the organization has received a $50,000 grant from JPMorgan Chase to build on efforts to address Milwaukee’s foreclosure crisis.

“We are honored to be receiving this grant from JPMorgan Chase,” said Michael Gosman, assistant director of ACTS Housing. “These funds will be critical in our work to revitalize Milwaukee neighborhoods. JPMorgan Chase’s investment in helping to solve Milwaukee’s foreclosure crisis is to be commended.”

This grant builds on a $200,000 contract that ACTS Housing recently finalized with the City of Milwaukee as part of Mayor Barrett’s Strong Neighborhoods Plan. An area of emphasis of the Strong Neighborhoods Plan is selling City-owned foreclosed properties. ACTS will assist with the sales of City-owned properties to help the City achieve its goals.

The funding from JPMorgan Chase will broaden ACTS Housing’s reach in this effort, allowing more renters to become homeowners in the city.

“We are pleased to be a partner with ACTS Housing,” said Charlie Corrigan with JPMorgan Chase. “By working together, more Milwaukee residents will be able to become homeowners. This in turn strengthens our community and neighborhoods.”

Over the past two years, ACTS has helped more than 170 families purchase foreclosed properties in the City of Milwaukee. Sixty of those properties were tax-foreclosed properties that were bringing in no tax revenue and required city maintenance. Both the City partnership and the JPMorgan Chase grant will allow ACTS to continue this work and expand its reach.