$5M New Markets Transaction
FINANCED |
|---|
November 2020 |
LOCATION |
Madison, WI |
SQUARE FOOTAGE |
16 single-family homes |
TOTAL PROJECT COST |
$5M |
CENSUS TRACT |
55025001401,
55025001402,
55025002100,
55025001502,
55025000600,
55025002200 |
INVESTOR |
Wells Fargo |
NMTC ALLOCATEE |
National Community Investment Fund |
Since 2001, Urban League’s award-winning Single Family Home Ownership Program has helped low-income families achieve ambitious goals through home ownership.
The Urban League of Greater Madison purchased 16 homes in economically distressed census tracts, performing extensive renovation work on the homes, and then re-selling them to low- and moderate-income families seeking to become first-time homeowners.
Home ownership has proven to be one of the most reliable means of economic self-sufficiency for American families. In 2019, the median homeowner had 40 times the household wealth compared to that of a renter [Federal Reserve Survey of Consumer Finances, 2019].
The Urban League offered a no-down payment, interest-only program with a saving and wealth building component plus other favorable terms and benefits including ongoing homeownership readiness training and individualized financial empowerment counseling.
ULGM partnered with Operation Fresh Start (OFS), an organization empowering emerging adults on a path to self-sufficiency through education, mentoring, and employment training. OFS served as general contractor on several of the homes and collaborated on a construction training project teaching unemployed and underemployed adults construction skills while working hands-on to rehab these homes.
