Amendments double funding for STRONG Homes Loan program
News release from Alds. Michael J. Murphy and Robert Bauman
With the signing of Mayor Tom Barrett’s budget, Milwaukee homeowners will soon be able to tap into $1 million in partially-forgivable loans to fund essential home repairs as a part of the STRONG Homes Loan program.
The Milwaukee Common Council doubled the $500,000 that was originally set aside for the program during its budget deliberations, President Michael J. Murphy said, because of the program’s capacity to provide relief to property owners whose homes have lost significant value during the foreclosure crisis.
“This unique program shows great potential to support homeownership and promote neighborhood stability,” Alderman Murphy said. “We expect to see many people apply to be a part of the STRONG Homes Loan program.”
“Supporting middle- and working-class homeowners is crucial to increasing neighborhood stability,” said Alderman Robert Bauman, a co-sponsor of the amendment.
“This program will assist them in making much-needed repairs and maintaining the value of their investments, all while improving the quality of life in their neighborhoods.”
A term sheet is attached. More information is available at milwaukee.gov/NIDC.
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