Oregon developer Gorman & Co. is set to sell 30 single-family homes previously used as rental properties to its residents in Milwaukee. This homeowner initiative, in collaboration with nonprofit Acts Housing, aims to provide residents in traditionally underserved communities with a path to homeownership.
As part of the collaboration with Acts Housing, three homes have closed in 2023, and the remainder will be closed in 2024. This homeownership initiative is set to continue over the next 12 years, which will include eight more phases of Low-Income Housing Tax Credit (LIHTC) housing within northside neighborhoods of Milwaukee, totaling over 200 homes that will be sold to qualifying residents.
By leveraging the equity accumulated through LIHTC investments, residents have the opportunity to purchase homes at a fraction of their market value, providing residents with built-in equity and a more affordable path to homeownership.
Gorman & Co. enlisted Acts Housing to educate residents about the opportunity and provide support services. The collaboration ensures that residents are informed to make sound financial decisions.
