MILWAUKEE – The County Board of Supervisors recently allocated $2.5 million to Acts Housing’s Homeownership Acquisition Fund. The fund will acquire 100 homes each year that would otherwise be purchased by investors, preserve them for homeownership, and assist buyers to purchase them.
“Expanding access to housing is essential to our vision of achieving racial equity,” said Chairwoman Marcelia Nicholson. “I was proud that the Board of Supervisors addressed the unacceptable racial disparity in homeownership when allocating our federal ARPA dollars. We cannot become the healthiest county in Wisconsin until we can ensure access to safe, sufficient housing for all. This fund will allow more children of color to grow up in stable homes, invest in our most historically disinvested communities, and target the root causes of health disparities.”
Milwaukee has lost 1,000 homeowners of color each year since 2010. In majority Black neighborhoods homeownership is down by 20%, and for majority Latino neighborhoods homeownership is down 15%.
After the sale to homeowners the proceeds will be reinvested into the next round of properties, and the cycle will repeat in perpetuity.
