For many families in the United States, owning a home remains the clearest path to building long-term wealth. In Milwaukee, a benevolent investment is aiming to make that path more accessible, starting in one of the city’s historic neighborhoods.
The Northwestern Mutual Foundation is pledging more than $3 million over the next three years to support affordable housing in the Amani neighborhood. The funding will help in the construction of more than 90 economical homes. It is part of a larger plan to increase homeownership and reinvigorate Milwaukee communities.
“A portion of the $3 million will be allocated to help the nonprofits who are building the 90 homes,” said Audra Brennan, vice president of the Northwestern Mutual Foundation. “These include Habitat for Humanity, Milwaukee Community Crossroads and Ezekiel Community Development. The other portion will go to support the upfront financing for the Tax Increment Financing district (TIF), all of the homes being built. This will help the property developers, the EMEM Group and Habitat for Humanity. The Community Development Alliance will manage the funds.”…