Acts Housing aims to fundraise $26.4 million to expand homeownership opportunities for Milwaukee families.
The Milwaukee-based nonprofit launched the public phase of its Opening Doors Campaign on Monday morning. Acts Housing has raised $22.3 million so far toward its goal.
Acts Housing provides homebuyer and financial education and counseling, lending and real estate services, as well as home rehab coaching. More than 4,000 families have purchased homes through Acts Housing since the nonprofit was founded in 1995.
The Opening Doors Campaign will allow Acts Housing to launch its Acts Homes effort, which is a $10 million fund to purchase properties that can be converted into affordable housing for families with low-to-moderate incomes.
The campaign will also allow Acts Housing to expand its Acts Lending efforts from providing two to three dozen loans per year, to 200 loans per year, Acts Housing president and CEO
Michael Gosman said. Through Acts Lending, qualifying families looking to purchase and repair a distressed home can borrow up to $125,000.
An additional $14 million in the loan fund would allow Acts to offer additional mortgage products. A $1 million contribution could directly support 80 families over the next 10 years, according to Acts.
“The impact of this investment is far reaching including building generational wealth through home ownership, enhanced physical and mental well-being for families, improved educational outcomes for children, and much more,” Gosman said. “Every dollar raised and invested helps build stronger families, healthier neighborhoods, and a brighter future for Milwaukee.”
Half of the donations made toward the campaign have come from individual donors “who care about the city and believe that homeownership can unlock the potential of thousands of Milwaukee families,” Gosman said. The remaining contributions have come from a mix of corporate, foundation and government sources.
Christine Symchych, an honorary cabinet member for the Opening Doors Campaign, and her husband,
James McNulty, committed $2 million to the campaign. Symchych is village president of the Village of Fox Point and board member of the
Milwaukee Art Museum.
“The work of Acts resonates with us strongly,” Symchych said. “Through my work in city planning and Jim’s work in education, we have intimately seen firsthand some of the systemic issues that affect social determinants of community health, including the lack of access to home ownership.”
The City of Milwaukee has invested $1.25 million in the Opening Doors Campaign, Milwaukee Mayor
Cavalier Johnson said.
“Acts Homes will begin to rehabilitate our neighborhoods not just one home at a time, but really by 100 homes, and doing that every single year,” Johnson said.
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