Can you imagine a city without foreclosures?

Can you imagine a city without foreclosures?

You should try. Foreclosures have devastating costs to society. A single foreclosure can force the Milwaukee city government to incur costs over $30,000, and this occurred hundred of times over the last decade. Foreclosures have also been linked to an increase in violent crime.

Over the next several weeks, the Milwaukee CLT blog will focus on the terrible cost foreclosures have had on Milwaukee. The entire series can be found here, and some posts are highlighted at the bottom of this page.

Yet despite the extraordinary cost to society, many foreclosures occur over a relatively small amount of money. Though old, a 1995 evaluation of a foreclosure prevention program in Minneapolis-Saint Paul found that for every $3300 invested into the program, one foreclosure was prevented. This number was arrived at by dividing the total program cost by the number of homes saved from foreclosure. In other words, this estimate includes administrative costs and staff salaries, as well as the cost to serve applicants whose homes could not be saved. Clearly, a very small investment to stop a foreclosure can prevent extraordinary harm from occurring.

Let’s put an end to foreclosures in Milwaukee. Your donation will be used to prevent people in Milwaukee from losing their homes in foreclosure. 100% of your donation will be used for direct financial assistance. Donations from individual donors like you are not used for administrative costs or staff salaries. Every penny you donate will directly benefit a family facing foreclosure.

There are hundreds of community land trusts around the world. Community land trusts have an extremely low rate of foreclosure (learn more here). You can be sure that your donation is being used for an idea that has been tested and proven effective.

As always, we are a membership organization. If you are 18 or older and live within the city of Milwaukee, you can become a voting member. Members nominate and elect the board of directors, or even serve on the board of directors. Members also must ratify our most important decisions. The minimum commitment is $1 membership dues per year and one meeting per year. Milwaukee CLT won’t be the best organization it can be without conscientious people like you becoming members and using your vote to make sure this organization lives up to its ideals. To learn more about becoming a member, send us an email, or watch the blog or facebook page for announcements of upcoming member meetings.

 

Highlighted posts about foreclosures:

 

Image: A zombie foreclosure awaiting demolition. Flickr / Stephen Boyle