Many income-restricted Milwaukee residents have seen their homeownership dreams fade away. But Gorman & Company, alongside Acts Housing, ensures that dream becomes a reality for 30 families now and hundreds more in the coming years.
The homeownership initiative by affordable housing developer Gorman & Company and nonprofit Acts Housing offers a tangible path to homeownership, breaking down a web of barriers that have traditionally kept underserved communities from reaching this dream.
In Milwaukee’s Metcalfe Park neighborhood, single-family homes previously used as rental properties will be sold to their tenants for a fraction of the cost. Here’s how it works:
- Gorman & Company constructed these homes as part of a Low-Income Housing Tax Credit (LIHTC) project in 2007.
- After the 15-year compliance period, they’re available for purchase from renters at a highly discounted rate.
- This means that families renting these homes for years will now have the chance to own them, reducing their monthly housing payments and providing them with built-in equity and stability for their future.
This initiative goes far beyond providing affordable housing. It empowers residents, fosters financial security and generational wealth, and creates a stronger sense of community.
According to Gorman & Company’s Wisconsin Market President Ted Matkom, some residents thought the homeowner initiative was too good to be true. That’s why the developer partnered with Acts Housing to foster trust and provide essential support services and education to the Metcalfe Park neighborhood.
Deatra Kemp, Vice President of Programs for Acts Housing, emphasized what a difference this can make for communities of color. “If I could get half of those people to convert (to homeowners), that will statistically change homeownership rates in Milwaukee.”
While three homes closed in 2023 and 27 will close in 2024, that’s just the beginning. Over the next 12 years, over 200 homes will be sold to qualifying residents within north-side neighborhoods.
“We are proud to be involved in a project that ultimately increases homeownership rates on the north side of Milwaukee and provides built-in equity for each homebuying resident.”
Wisconsin Market President for Gorman & Company Ted Matkom
If you or someone you know is interested in learning more about this groundbreaking opportunity, please contact our corporate office.
