Ald. Russell Stamper, II
Press Release

City seeks nonprofits to help administer Ald. Stamper-sponsored RICH program

New program sells certain city-owned foreclosed properties for $1.

By - Mar 27th, 2015 09:52 am

The City of Milwaukee has issued a Request for Proposals (RFP) and is seeking nonprofit organizations to help administer the Re-Invest in City Homes (RICH) program, which makes certain city-owned foreclosed properties available to be purchased by qualifying first-time homebuyers for $1.

The deadline for nonprofits to submit proposals in response to the RFP (attached) is April 13. Qualifying nonprofits should be able to help identify potential RICH properties, identify and screen potential homebuyers, provide a scope of work and advice on needed renovations, originate mortgage loans with homebuyers and work to prepare participants for a successful transition to homeownership.

Sponsored by Alderman Russell W. Stamper, II, legislation approving the RICH program received the unanimous support of the Milwaukee Common Council in October, and the program is funded by $600,000 in unspent funds that were previously allocated to other neighborhood improvement programs.

“I’m pleased to see the RICH program taking a crucial first step forward,” Alderman Stamper said. “Once it’s up and running, I hope it will provide a much-needed source of stability and neighborhood pride to the parts of the city that need it most.”

Participants in the RICH program must agree to live in the property they purchase for at least five years, and must meet a battery of other requirements—not having owned property in Milwaukee within the last two years, uninterrupted employment for at least a year and a favorable rent, utility and debt repayment history. –

Mentioned in This Press Release

Recent Press Releases by Ald. Russell Stamper, II

Residents MUST take the coronavirus Stay-at-Home order seriously or face the severe consequences

Statement of Alderman Russell W. Stamper, II March 26, 2020

Sad and unthinkable day for Molson Coors and the City of Milwaukee

Statement of Alderman Russell W. Stamper, II February 26, 2020

Help bring those responsible for the killing of Darnell Woodard II to justice

Joint statement of Alderman Russell W. Stamper, II and Khalif J. Rainey November 19, 2019

Leave a Reply

You must be an Urban Milwaukee member to leave a comment. Membership, which includes a host of perks, including an ad-free website, tickets to marquee events like Summerfest, the Wisconsin State Fair and the Florentine Opera, a better photo browser and access to members-only, behind-the-scenes tours, starts at $9/month. Learn more.

Join now and cancel anytime.

If you are an existing member, sign-in to leave a comment.

Have questions? Need to report an error? Contact Us