Common Ground Negotiates Deal with Wells Fargo

Milwaukee RisingOn May 23 Common Ground leaders and Wells Fargo Regional President Fred Bertoldo publicly announced the bank’s commitment to participate in Common Ground’s Milwaukee Rising revitalization effort.  In front of hundreds of community leaders at Klieger Auditorium, Mr. Bertoldo announced an investment of:

1)    $2 million in market rate mortgage commitments for qualified owners who will purchase the rehabilitated properties in the target area,

2)    $300,000 contribution to support the rehabilitation subsidy for properties in Sherman Park in the target area, and

3)    $100,000 contribution to Mercy Housing Lakefront to establish the Clean Slate program in Milwaukee.  Clean Slate is a program to hire local workers to clean-up, board-up and maintain vacant, foreclosed properties throughout the City, including Sherman Park.

This neighborhood revitalization initiative will address the blight of foreclosed homes and revitalize the housing market in a 130 square block area in Sherman Park around Wheaton Franciscan – St. Joseph.   Common Ground and the City of Milwaukee will work with civic and private sector partners to make this effort a reality.

The goal of the MKE Rising effort is to rehabilitate 100 homes in Milwaukee’s Sherman Park community over the next four years.  To make this effort happen, the City of Milwaukee will invest Neighborhood Stabilization Program funds of $2 million for the acquisition and rehabilitation of foreclosed properties for homeownership, demolition, assistance for homeowners purchasing foreclosed properties, and for the development of affordable rental properties.  Zilber, Limited has begun as the primary developer for the effort.

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