Milwaukee affordable housing, some with mortgages under $900/month
MILWAUKEE - Taking ownership of a big inequity in Milwaukee, a new affordable housing initiative’s goal is to get first-time buyers into homes at a price they can manage.
The goal is to help more than 100 people achieve the American dream, and the people behind this say the initiative will have far-reaching impacts beyond the walls of the homes.
Building up a community takes starting with a good foundation.
"The thing is, that’s what’s going to build our community, and a way to get our community back is to get homeowners and some young ones in here," said Cheri Fugua.
Fuqua owns a home in Milwaukee’s 15th District. At an informational meeting at St. Ann Center Thursday, March 30, she said she wants to see others get to that same place.
"Milwaukee has a sad history when it comes to housing," said Teig Whaley-Smith, the chief alliance executive for Community Development Alliance, which helped bring organizations together and fund the housing initiative. "Because of some of the discriminatory things that have happened in the past, we have the second-worst homeownership rate for Black families in the entire country,"
The new housing initiative aims to make up some ground.
"Right now, we estimate in order to achieve racial equity, we need to support about 32,000 new Black and Latino homeowners," said Whaley-Smith. "That’s not going to happen overnight. These problems are centuries in the making, but our goal is to reverse the trend."
"We’re going to try to improve homeownership for the ones who need it the most, and that’s the African Americans and the brown people who have been subsidized in the past," said Milwaukee Alderman Russell Stamper II.
As part of the collaborative project, Habitat for Humanity Milwaukee plans to build 80 three-bedroom, single-family houses in the 15th District over the next four years, with construction on vacant city-owned lots.
"The number one way you build a community, the number one way you make it safe, is with homeownership," said Stamper.
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Stamper originally said Thursday that mortgages would stay under around $700 a month, but Milwaukee Habitat clarified Friday that cost is based on appraised value of the homes, and their mortgages right now average $600 to $900 a month. They added that the mortgage won't exceed 30% of the family's monthly income, used as a threshold for affordable housing.
Crews will build 20 duplexes, as well, making for a total of 120 new homes for households.
Whaley-Smith said households with an income of less than $50,000 a year will qualify.
"We’re building home ownerships, building wealth and bringing back taxes that is much needed to the city," said Stamper.
It’s not just building houses and wealth but a new future.
"It definitely will make a difference, getting some homeowners," said Fuqua.
More information is available online. You can also visit the Habitat for Humanity web site.
Stamper said people can also reach out to him for information.
Editor's Note: This story originally said mortgages would stay under $700. It's been edited with new information from Milwaukee Habitat that their average mortgage is around $600 to $900.