Milwaukee County’s American Rescue Plan Act Task Force has recommended investing $2.5 million in Acts Housing’s recently launched Homeowner Acquisition Fund.
The fund will be used to purchase Milwaukee homes and resell them at affordable prices to residents.
The organization broke its own record in 2021, helping 305 families purchase homes. But its president and CEO, Michael Gosman, believed the organization can do more.
“While I’m thrilled, it’s not enough,” Gosman said in April.
Acts Housing vice president of real estate, Dorothy York, said the fund will give clients a shot at a new home without competing with investors who can pay more to purchase properties.
“Over the last few years, we’ve had people do the work but still struggle to compete for a home,” York said. “Residents are doing everything they need to do and are willing to pay what investors are willing to pay but can’t compete with the cash offers investors can make.”
The fund, for which the organization is working to raise $10 million, will be used to purchase at least 100 homes in 2023 and to resell them to individual buyers.
“Access to inventory has been a roadblock,” York said. “The Homeowner Acquisition Fund will make homes available and create more homeowners in general.”
Homes purchased will be available to residents who complete homebuyer education through any agency, York said.
Acts Housing leaders wrote to the both the city and the county for funds to support the acquisition fund. Last Thursday, the county’s task force supported their request.
Acts Housing is now looking for local contractors to help rehabilitate homes and is hiring people to work on the acquisition fund.
For more information
Acts Housing is collecting private funds. Click here to learn how to donate.