NUMB:
981039
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. PRATT AND HENNINGSEN
TITL:
Substitute resolution endorsing City of Milwaukee participation in the "Milwaukee Homeownership Initiative" and alliance between Freddie Mac, NOHIM and the City of Milwaukee.
ANLS:
- Analysis -
This substitute resolution indicates the City of Milwaukee's support for a series of initiatives which will result from a partnership agreement between the City of Milwaukee, NOHIM and Freddie Mac.
BODY:
Whereas, The City of Milwaukee ("City") is committed to stabilizing neighborhoods and providing increased opportunities for homeownership in the City; and
Whereas, Homeownership encourages savings and investment, promotes economic and civic responsibility, and is the primary means of wealth accumulation for most Americans; and
Whereas, The City has taken a leadership role in the Milwaukee Partners in Homeownership campaign which has set a goal of increasing the number owner-occupied properties in the City by 2,500 by the year 2000; and
Whereas, NOHIM ("New Opportunities for Homeownership in Milwaukee") was formed in 1991 as a partnership between the City, lenders, and community organizations to increase access to home mortgage loans for all Milwaukee residents; and
Whereas, Freddie Mac was chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders; and
Whereas, Freddie Mac wishes to enter into a "community alliance" in order to expand affordable homeownership opportunities to underserved borrowers in the City by offering an array of low down-payment mortgage products with flexible qualifying criteria coupled with comprehensive homeownership education and counseling; and
Whereas, The Community Development Policy Committee at its meeting on June 15, 1998, approved a $200,000 commitment of HOME funds in support of the Freddie Mac HOMEWORKS, Purchase-Rehab Mortgage Program; now, therefore, be it
Resolved, That the Common Council of the City of Milwaukee does endorse the "Milwaukee Homeownership Initiative"; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to take all such actions and to provide such assistance as may be needed to carry out the intent and purpose of this resolution.
ZDPT:
DFTR:
DCD:LJR:ab
11/09/98