For the Sake of Aaron: Celebrating Our Black Men

"Men for All Seasons" by Charles Bibbs

Antonio Riley

Through a grant WHEDA received from the Federal Home Loan Bank of Chicago (FHLBC), down payment grant assistance is now available:
Effective immediately. Funds are available for up to 50 loans of $5,000 per household.

Breaking down the savings barrier. These grant assistance dollars help first-time home buyers cover down payment and closing costs, including home buyer counseling and education expenses.

Available for a limited time. Grant monies are available on a first-come, first-served basis in the form of a 0% interest, no monthly payment, 5-year forgivable loan of $5,000 per household.

Offered in neighborhoods with a high demand for affordable mortgages. First-time home buyers who purchase a home in the following zip codes may be eligible for this grant assistance: 53209, 53218, 53223, 53224, and 53225.

To get the word out on the Partnership Neighborhood Initiative and increase its presence in the community, WHEDA has partnered with a minority-owned public relations firm, Red Brown Kle’, to launch a comprehensive media campaign, many of you have witnessed in our newspaper and other local mediums.

"As our recent media campaign states, we want to issue 100 loans to 100 people of color by the end of June this year," Riley commented. "Twenty two loans are currently in process. Pre-approval applications are coming in daily. And, we are offering our free home buyer workshops at Holy Redeemer Church of God in the Mother Kathryn Daniels Conference Center, where, last month a record 86 people attended."

Continuing, he shares, "There are two separate workshops where attendees learn the importance of home ownership, the role of the lender, budgeting techniques, credit repair, the home buying process and the responsibility of home ownership. Our goal is to empower every prospective home buyer so that they know exactly what to expect and ensure that they get the best mortgage available. They should remember that a few blips can be removed in a few months, so their dreams of homeownership should never be erased. Sometimes, they may have to defer their dream, a few months, to be credit worthy. But, everyone deserves to own their own home! And these WHEDA initiatives are designed to make those dreams come true. Homeownership is the foundation of all wealth. And, WHEDA makes the dream a reality."

In 2006, WHEDA broke the half billion dollar mark in mortgage lending for the third consecutive year providing 4,560 mortgages to first-time home buyers throughout the state. Of this lending volume, 706 loans worth over $90 million took place in Milwaukee County. To learn more about qualifying for a WHEDA loan or down payment grant assistance through the Partnership Neighborhood Initiative, call WHEDA at 1-800-628-4833 or visit www.wheda.com.

Affordable multifamily developments
Multifamily real estate developers continually seek WHEDA’s funding resources in the form of Federal Low Income Housing Tax Credits (LIHTC) and low-interest WHEDA loans. WHEDA administers the allocation of LIHTC for the State of Wisconsin, a program which provides incentives for the development of multifamily affordable rental housing. These credits translate to $100 million in net credits over ten years for successful developers, while it has meant quality, affordable apartments for many families and senior citizens in Wisconsin.

Some recent WHEDA LIHTC development projects in Milwaukee included the afore-mentioned Dr. Wesley Scott Senior Living Community in the Metcalfe Park Neighborhood, New Village Town Homes on Center Street, and Columbia Square and Touissant Square on North Avenue.

Executive Director Riley affirms that WHEDA has had no problem getting developers to come into the inner city. First, Milwaukee has had the infrastructure in place through City Development. The infrastructure coupled with the advantages of tax credits makes the city a prime location for multifamily development.

Furthermore, WHEDA leverages the LIHTC program to create better opportunities for local minority and emerging businesses. Through its Emerging Business Program, developers are required to use minority owned businesses for 25% of their hard costs for planning, design and construction of their WHEDA LIHTC housing development.

"Through our Emerging Business Program, $20 million dollars in contract work associated with WHEDA tax credit developments have been awarded to minority businesses. For the Wesley Scott Senior Living complex 52% of contract work was awarded to emerging businesses representing $1.79 million.

In Milwaukee, $227 million in LIHTC have been allocated under this Governor. As a result, 4,200 units in affordable housing have come into the central city. In 2006, $4.4 million of WHEDA’s $10 million in tax credits were allocated for Milwaukee.

This targeted approach to central city residents and businesses is unprecedented. "We are not the WHEDA of old," Riley reminds. "We are a lot more innovative today. We are going directly to the market to show residents how to get funding resources for revitalization. WHEDA should be viewed holistically: for home ownership, we have low-cost mortgages for first-time home buyers. On the rental side, we have housing tax credits and loans to develop and build affordable rental apartment buildings. And for the business owner, we offer our Emerging Business Program as well as small business financing tools to grow your business. Whether you are a business person, real estate developer or future homeowner, WHEDA wants to talk to you."

"You can be a part of these new, Milwaukee initiatives. The Governor understands the deterrents that often exempted movement for many residents in the central city. My appointment to this position was his effort to bring the new programs directly to the community by someone who knows, loves and supports this community."

To our boys in the "For the Sake of Aaron" project, Mr. Riley said. "Trust in yourself! Believe that you were born to fulfill a purpose. Your purpose is neither negative, limited nor self destructive. Remember there is someone bigger than you. Seek your own dreams. You have support as a unique person in this universe, you have a specific role to play, and the ability to contribute. Get your education, technical training and find your career paths. Dream, hope, and work until you accomplish your dreams. You can do it!"

Antonio Riley, Executive Director of WHEDA, we applaud you! You have taken your skills, including the years at City Development, those in the State Legislature as an outstanding Representative; and your varied political campaigns as worker, networker and facilitator to strengthen the community.

Now, you bring outstanding opportunities, through WHEDA, to help bridge the home ownership gap, to help create more affordable rental housing for those who need it most and to help expand business opportunities in our city. You teach our boys: "For the Sake of Aaron" how to amass skills and build community, while actualizing their personal purpose. You are the Best of the Best!

We know that revitalization of the central city is critical to new employment opportunities, strong economic development and the elimination of poverty quotients that reduce community viability. We applaud your efforts to change that paradigm. You are the Best!