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Housing Resources Inc. is a HUD-approved nonprofit organization, funded in part with City of Milwaukee Block Grant funding, that assists city residents purchasing a first home.
HRI, which also loans tools and equipment from its Tool Loan Center to homeowners working on home maintenance and improvement projects, offers homebuyer education classes for Spanish speaking families at its center at 1407 W. Lincoln Ave. and offers classes in English at Milwaukee's Central Library. These classes are offered in a three series set every month, providing potential homebuyers with an overview of the homebuying process, including credit and budgeting, information on the role of the real estate agent, loan product/bank selection, home inspections, home insurance, and indicators of predatory lenders and other loan products that are hazardous to long-term ownership.
Those completing the classes are offered the opportunity to meet, at no cost, with a homebuyer counselor for one-on-one counseling sessions. The counselor reviews their credit report, either one the customer brings in or one the counselor orders for $20/person. Additionally, some of HRI's first time homebuyers, who complete the three part education series, may be eligible for down-payment and closing grants ranging from $2,500 to $6,000, and applicants may be able to utilize multiple programs which may total over $10,000.
The HRI Minor Home Repair Program provides matching reimbursed funds of up to $750 to qualified homeowners completing eligible pre-approved home-improvement and repair projects.
HRI offers other services to all City of Milwaukee homeowners including their Tool Loan Center, also located at 1407 W. Lincoln Avenue. For a nominal annual membership fee of $35, homeowners can have access to a large variety of tools and equipment for their home maintenance, repair and improvement projects, both indoors and outdoors. Available equipment includes: ladders, snakes for clogged sinks, tile cutters for a new floor, and rototillers for the garden.
HRI also offers post-purchase counseling services at its 2500 W. Capitol Dr. office for homeowners struggling to meet their mortgage payments. The counselor can work with homeowners to reorganize their budgets, refinance their mortgage, work out terms with their mortgage company, or assist with guiding the owner through the sale of their home if necessary. Additionally, for senior homeowners, HRI's reverse mortgage counselor can guide them through the process of obtaining a reverse mortgage, which can provide a source of income that assists seniors in remaining in their homes.
HRI has a bi-lingual housing counselor on staff as well as a clerk at the Lincoln Ave. Tool Loan Center. For more information regarding homeownership assistance in English or Spanish, please call Eloisa Balderas at 383-8830 or for the Tool Loan Center, Jose Castillo at 383-7071.
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