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New loan program will help rescue foreclosed homes

from Urban Milwaukee

Milwaukee's Department of City Development is rolling out a new lending program soon to help homebuyers rehab foreclosed properties purchased from the city. The PyraMax Bank Milwaukee Tax Foreclosure program is intended for individuals interested in purchasing foreclosed properties from the City of Milwaukee. The Department of City Development will provide forgivable loans of up to $20,000 to fix up the property. The Wisconsin Housing and Economic Development Authority (WHEDA) will fund additional rehab costs up to $50,000. more

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