MADISON (WKOW) -- The Urban League of Greater Madison plans to give $5 million to a project that's goal is to increase homeownership for black people in Madison.
Urban League CEO Dr. Ruben Anthony said at a news conference Thursday, the group is buying 15 to 17 homes on the south side of the city and will renovate them over the next year.
The group will then resell those homes to low and moderate income families looking to become first-time home buyers.
"Owning a home and having the benefit of homeownership is critical to fully experiencing and living the American dream. That's what we all want," said Anthony.
Some of the homes will be available in the next month or two, according to Anthony.
Urban League has the homes funded, so there's no down payment and home owners only pay interest only loans for seven years, then will have to refinance.
Any equity will be the home owners, Anthony said.