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 Counci...
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