Milwaukee group turning foreclosed homes around
MILWAUKEE - The foreclosure crisis has hit Milwaukee hard, but a new initiative is giving hope to one north side neighborhood.
The Sherman Park area has been hit hard by foreclosures. But some homes there haves been revitalized from a new program that's giving new life to the neighborhood.
Common Ground is in the business of "flipping" homes.
Organizers say one particular home, a late 1920's property, is a buyer's dream.
The home on North 46th Street underwent a major restoration, part of the Milwaukee Rising Initiative.
Milwaukee Alderman Willie Hines, Jr. lives in the neighborhood.
"Common Ground did an outstanding job preserving the architectural features of the house," said Hines.
The group is restoring homes, house by house, block by block.
There are at least three more homes that Common Ground will revitalize.
According to city officials, the Sherman Park area has more than 300 foreclosed homes.
With financial support from various funds, including $33.8 million from major banks, Common Ground is focused on 100 foreclosed homes over four years.
They have restored six of them.
"It wasn't until we came up with a really great plan that we were able to negotiate with them," explained Kathleen Scott of Common Ground.