Network Updates
RECAP: October Quarterly Meeting (October 19)
Freddie Mac joined us for our final quarterly meeting of 2020 to deliver the presentation “Increasing Generational Wealth Building for Black Americans: How Can Refinancing Amid Low Rate Support More Equitable Housing?” Find presentation slides here. We discussed how the information provided on refinancing can help us think broadly about how we can support current homeowners and wealth building, particularly for communities of color. View the Ready! Refinance Toolkit here.
Other discussion items:
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TRM Program Manager: UEDA will be working with the Resource & Oversight Committee to begin the hiring process for a new TRM Program Manager; we hope to have someone in place by the start of 2022.
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Marketing & Outreach Workgroup: Reported on the 2021 foreclosure prevention/Make Your First campaign (more information soon), and that they are providing materials to the Housing Fair (Saturday, November 13) that is sponsored by Ald. Coggs and Stamper.
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Education & Advocacy Workgroup: Reported that the webinar held on October 8 was well attended (see links below) and they have scheduled the next one for December 3, which will focus on TRM’s annual analysis of HMDA data.
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RECAP: Racial Disparities in Homeownership Series Webinar #2 (October 8)
Thank you to the nearly 30 people who joined us on October 8th for our second session in our Homeownership Disparity Data Series. Take Root Milwaukee has performed an annual analysis of Home Mortgage Disclosure Act (HMDA) data since 2012. With the launch of this series in late 2020, we are looking at the additional tools in the HMDA data set to inform our work in sustainable homeownership, and encourage our members and partners to work to advance racial equity when it comes to accessing credit and the opportunity of homeownership.
This recent presentation focused specifically on borrowers and reviewed loan applications, originations, and denials by race. Attendees also discussed strategies to ensure all lenders, not just CRA staff, are doing everything possible to get potential borrowers to the table and close on a home loan. View presentation slides here and view a recording of the session here. And check out this tip sheet for suggestions on increasing loans to people of color and in low and moderate income neighborhoods.
A very special thank you to Bethany Sanchez (Metropolitan Milwaukee Fair Housing Council) and Lamont Davis (Milwaukee Community Land Trust) who co-presented, but also serve as co-chairs for Take Root Milwaukee's Education & Advocacy Workgroup.
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SAVE THE DATE! Friday, December 3 | 11AM-12:30PM | ZOOM
Homeownership Disparity Data Series Session #3: Annual HMDA Analysis Webinar
The third session in this series will focus on the 2020 HMDA data for Milwaukee County and the City of Milwaukee, looking at who the top lenders are, the types of loans made, where loans are being made, to whom loans are made, and how this changes from year to year. We will also discuss how we can work together to increase access to credit for non-white and low- to moderate-income borrowers, and highlight lenders that seem to do this particularly well. The Education & Advocacy workgroup will also discuss collaborative strategies that promote increased lending in underserved areas, or to borrowers that historically have been shut out from homeownership opportunities. Register Here >>
Background
Milwaukee's homeownership racial disparity rate is one of the largest gaps in the country and a reflection of decades of systemic, institutionalized racist policies and practices most commonly referred to as "redlining". In 1975 Congress enacted the Home Mortgage Disclosure Act (HMDA), which required certain financial institutions to provide mortgage data to the public on an annual basis. Since 2012 TRM has performed an annual analysis of HMDA data to assess trends in the local mortgage lending market. This data helps show whether lenders are serving the housing needs of their communities, gives public officials information that helps to develop policies, and sheds light on lending patterns that could be discriminatory.
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Member Highlights
Acts Housing has helped 30% more families become homeowners this year (240) than in their previous record-year, 2020 (181)!
Congratulations to Lamond Davis on being named as the first Executive Director of the Milwaukee Community Land Trust! Learn more about MCLT and how you can get involved here.
For the first time since 2016, Revitalize Milwaukee is opening up the application for their annual Block Build MKE event to neighborhood organizations that are interested in bringing the event to their neighborhood! RFP submissions are due on November 30.
In October of 2020, JPMorgan Chase announced a five-year, $30 billion commitment to help close the racial wealth gap. Over the past year, they have put the infrastructure and foundation in place to make initial progress on this commitment.
Brianna Sas-Pérez, Executive Director of VIA CDC has been appointed to serve as a member of the WHEDA Board of Directors - congratulations!
Learn about the progress of six projects Near West Side Partners is working on with residents as part of the U.S. Department of Housing and Urban Development Choice Neighborhood Initiative.
Acts Housing was awarded with a 2021 Community Development Financial Institutions (CDFI) Technical Assistance grant to help them build the capacity of Acts Lending and serve more low-income and underserved families.
VIA CDC seeks a Housing Outreach Manager to serve as the team lead for connecting neighbors to resources to ensure everyone in Silver City, Burnham Park and Layton Park has quality, affordable housing.
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Sector News & Announcements
Milwaukee County Mortgage Assistance Program: Deadline December 17
Housing Resources Inc., will be accepting applications in the Milwaukee County Mortgage Assistance Program until December 17. The purpose of the Milwaukee County Mortgage Assistance Program is to aid in foreclosure prevention by providing emergency assistance in the form of a grant on behalf of Milwaukee County homeowners who are delinquent in their mortgage payments due to job loss or reduced work hours and wages as a result of the COVID-19 pandemic. Details & Application >>
Milwaukee's Collective Affordable Housing Plan
This Plan was sponsored by the Community Development Alliance (CDA), an affiliation of affordable housing funders and stakeholders and is intended to act as a road map for advancing racial equity by providing a quality affordable home for every Milwaukeean. The Plan was informed by neighborhood quality of life plans, qualitative data collection, and stakeholder engagement, and identifies the need for 32,000 additional Black and Latino Homeowners, and 32,000 rental units for families making $7.25 to $15 per hour. You can read the full plan here. In October, UEDA hosted a webinar where attendees provided feedback on how to best structure implementation of the three top approaches that have been identified as priorities for 2022. View a recording of the session here and the presentation slides here.
Green Homeowners United Announces Resources During Energy Awareness Month
The energy efficiency and economic modeling firm, together with State Representative Supreme Moore Omokunde, Sherman Park Community Association, Milwaukee Area Labor Council, Laborers Local 113, and Coalition of Lead Emergency debuted a new push to encourage residents to sign up to have their homes upgraded, thanks to funds available to help make homes more efficient, safer, and with the help of union workers. Up to $3,000 is available per home for insulation, reducing drafts and new HVAC is available before December 31. More Information >>
Freddie Mac Finds Wide "Appraisal Gap" for Black and Latino Homeowners
A new report by Freddie Mac found that homes in Black and Latino neighborhoods were more than twice as likely to be undervalued than homes in white neighborhoods. The report analyzed 12 million appraisals between 2015 and 2020. Though only 7.4 percent of homes in majority-white areas were undervalued, that proportion rose to 12.5 percent and 15.4 percent of homes in Black and Latino areas, respectively. Full Report >>
Shelterforce: Community Ownership Series Resources
Community land trusts and cooperatives are two of the most prominent models of community ownership. Over the summer, Shelterforce took a focused look at some of the ways community land trusts and cooperatives have evolved. If you missed the series, you can access all of the resources online here.
EvictionFreeMKE Launches
This new partnership between United Way of Greater Milwaukee & Waukesha County, Legal Aid Society of Milwaukee, Legal Action of Wisconsin, Milwaukee County, and City of Milwaukee can provide free legal resources to help keep people housed. The initiative works to ensure families have support when appearing before judges, interpreting eviction legality, and finding resolution with landlords. More Information >>
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Upcoming Events
After Redlining: The Urban Reinvestment Movement in the Era of Financial Deregulation
Friday November 12 | 1PM-3PM | Virtual
The Steans Center and Egan Office at DePaul University welcome author and historian Rebecca K. Marchiel to discuss her book After Redlining: The Urban Reinvestment Movement in the Era of Financial Deregulation. Join Marchiel and a panel of local advocates and activists to learn more about ways community organizing and political activism have encouraged community investment and how the city continues to move forward on issues of housing equality and the accountability of financial institutions. Register Here >>
City of Milwaukee 2021 Housing Resource Fair
November 13 | 10AM-2PM | Drive-Up & Virtual
This annual event, hosted by Alderwoman Coggs & Alderman Stamper, will be at Northcott Neighborhood House. It provides information on housing repair, foreclosure, home financing and more. Drive-up resource packets and virtual workshops will be available. More Information >>
Creative Placemaking: New Tools for Empowering Community-Led Revitalization
November 18 | 11AM | Virtual
Join the Center for Community Progress to learn how to leverage your existing community assets and draw inspiration from resident-led projects to spur healing, hope, investment and the physical transformation of vacant spaces and structures through creative placemaking. Register Here >>
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