A Milwaukee proposal to partner with ACTS Community Development Corp. to sell foreclosed homes got a panel’s approval Tuesday.
Milwaukee-based ACTS has sold 46 city-owned foreclosed homes in the past two years, according to a proposed term sheet, and traditionally works with low-income families.
Under the proposed arrangement, ACTS would choose 36 homes to market in 2014, though the city would retain rights to the properties until sales are complete.
The city would sell the homes for $1,000, and the buyer would pay ACTS another $2,500 to reimburse it for administrative costs.
The city would provide $150,750 to help ACTS hire staff members to run the program and would provide an additional $50,000 to be spent as forgivable loans to help buyers make home repairs. ACTS already has $250,000 to help homeowners pay for repairs.
The program, if successful, would continue into 2015 and 2016, with goals of selling 60 homes per year.
The city’s Zoning, Neighborhoods and Development Committee unanimously approved the proposal Tuesday. The full Common Council is expected to vote April 2.Follow @bkevit