Bank of America offers to help Milwaukee neighborhoods

Bank of American recently agreed to provide $10 million in mortgage loans to borrowers in Milwaukee over the next four years in an effort to help stabilize the local neighborhoods affected by high rates of foreclosure.

According to the Milwaukee Journal Sentinel, Bank of America will designate a local mortgage loan representative to distribute the loans to qualified homebuyers. The news source reported that Bank of America is collaborating with the community group Common Ground on the Milwaukee Rising project. The project is designed to prevent foreclosures and assist in maintaining and improving vacant and foreclosed properties. The Sherman Park neighborhood will be the main focus of the project.

In Illinois, first time homebuyers and veterans can apply for a loan to help with down payments and closing costs. According to WREX News - Local NBC Affiliate, The Illinois Housing Development Authority will give out loans of up to $6,000 to families and veterans with good credit and an income of under $88,000 to help buy homes that cost less than $309,000.

Bryan Zises, IDHA chief of staff, told the news source, "We are dedicated to making a safe, responsible path to homeownership, particularly in the face of the foreclosure crisis that's facing us today." 

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