MILWAUKEE PROSPERITY
- Melissa Nicole Allen
- Apr 15
- 1 min read
Updated: Apr 28
Another partnership with the City of Milwaukee to bulk purchase foreclosed, dilapidated, and vacant homes, Milwaukee Prosperity was an expansion of the team’s ongoing effort to address foreclosures and blight in Milwaukee’s urban core.
The Harambee neighborhood in particular was selected because of its proximity to Heart & Hope Place, as well as the concentrated investment that has taken place over the past few years from reputable groups such as the Martin Luther King Economic Development Corporation, Local Initiative Support Corporation, Northcott, MLK Business Improvement District, Hope School, Riverworks Development Corporation, and many others.
This sort of combined targeted investment has the potential to further strengthen the neighborhood and to provide new opportunities for long-term investment.
When foreclosures were on the rise, city-owned and vacant properties contributed negatively to the destabilization of neighborhoods such as Harambee and Lindsay Heights. With extensive rehabilitation work, Milwaukee Prosperity helped achieve greater neighborhood stabilization while providing higher quality living options for those in need.
Having the management company in close proximity means property upkeep occurs with ease and tenant concerns can be addressed in a timely manner.
A strategic cluster of 35 units of rehabbed city foreclosed homes, this development builds off the Lindsay NSP efforts. This cluster is a targeted investment with the goal of stabilizing the Lindsay Heights and Harambee neighborhoods. The units target families at 30%, 50%, and 60% CMI with one market unit.
Development partner: Brinshore Development
Milwaukee Prosperity utilized the following funding sources:
-$6,097,346 Investor Equity
-$650,000 Permanent Financing
-$500,000 City of Milwaukee NSP Funds
-$360,301 FHLBC AHP