blance of the program, 50-60 families became home owners.
“The Urban League’s focus on bridging the homeownership gap among people of color is critically important today,” stated WHEDA Executive Director Joaquin Altoro.
“Racial gaps in homeownership and personal savings represent systemic challenges in our communities. Homeownership is linked with higher academic achievement
among children, better health and stronger neighborhoods. If we are to change some of the troubling dynamics confronting our communities, homeownership is an
important place to start. Through WHEDA’s $3.461 million in financing, combined with New Market Tax Credits and other funds, the homes in this initiative will be
affordable for working families.”
Madison Mayor Satya Rhodes-Conway emphasized the positive rippling effects of homeownership.
“The Urban League and the City understand that home ownership is a key to generating wealth in communities and families; passing wealth from one generation to the
next; gaining greater control over housing expenses, and access to other sources of credit and tax benefits; and securing household stability,” Rhodes-Conway
She also noted that it takes previous Urban League housing initiatives to a different level.
“The Urban League’s new Homeownership and Wealth Building Program picks up where its previous Single-Family Rent-to-Own program left off,” Rhodes-Conway said.
“That program, aided by more than $2 million of City support, was successful in helping over 50 black households acquire homeownership and generate more than $2.5
million of ownership equity. The program earned the Urban League, the City of Madison and other partners national recognition when it received a Mutual of America
Community Partnership award in 2017.”
Rhodes-Conway pledged continued city support for the initiative.
“I applaud Dr. Anthony and the Urban League and all the wonderful community partners involved in this effort for their continuing efforts to promote homeownership
among Black households,” Rhodes-Conway said. “Our offer of support for this new initiative will add to the $1.25 million the City already spends each year, under our
existing Home Buy – the American Dream Program, to expand homeownership opportunities among underrepresented communities. I anticipate building further on
these wealth building initiatives within the 2021 Capital Budget.”
Perhaps Carter summed it up best.
“The civil rights movement talked about justice and not just us but justice, fairness, equality for everyone,” Carter said. “Although, they didn’t specifically address fairness
in homeownership and financial fairness, their efforts certainly included them. Ted Kennedy words continue to be relevant: ‘For all those, whose cares have been our
concern, the work goes on, the cause endures, the hope still lives, and the dream shall never die.’ Today, we have through the Urban League of Greater Madison’s
initiative and their team of WHEDA, financial institutions, and the City of Madison an initiative that will increase homeownership among Black Madisonian. We have
leveled the playing field and the dream shall never die.”