Milwaukee Bank Works to Keep Housing Affordable
Northwestern Financial Review › August 11, 2009
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Summary
Guaranty Bank (Brown Deer, Wisconsin), founded in 1923, has joined forces with the city of Milwaukee, the Wisconsin Housing and Economic Development Authority (WHEDA) and local non-profit organizations to help develop more affordable housing in the central city, without relying on extensive government subsidies. Grants from the Federal Home Loan Bank, HUD, and the state add to buyer's equity and help with down payments, closing costs and rehab assistance, while below-market financing also is available. Buyers typically complete a loan application with Guaranty, which originates WHEDA loans. Guaranty prepares and verifies buyer data and submits the application to WHEDA, and WHEDA underwrites the loan the day it is received.
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Milwaukee Bank Works to Keep Housing Affordable
Guaranty Bank of Brown Deer, Wis., is working hard with several partners to maintain affordable housing in Milwaukee, an urban area with 1.5 million residents.
Guaranty Bank, founded i...See the full content of this document
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