Urban League finalizes housing program partnership

In support of the completion of the Urban League of Greater Madison’s homeownership program, U.S. Bank has donated $127,000 to the nonprofit organization, according to a release posted on wisbusiness.com. The close of the Urban League’s homeownership project is marked with the sale of the last of 51 homes that were acquired and renovated by the partnership and then rented at far below market rates to low- and moderate-income families. The tenants then had the option to purchase the homes. The program was one of the first in the country to use Section 42 Low Income Housing Tax Credits allocated through the Wisconsin Housing and Economic Development Authority (WHEDA) for a single-family homeownership program rather than for multifamily rental housing.