Program helps Milwaukeeans obtain homeownership with interest-free loans
PrincessSafiya Byers, Milwaukee Neighborhood News
During a homebuyer seminar, Yvette Sims realized credit card debt was keeping her from opportunities like homeownership.
Despite paying every month, her debt wasn’t moving, Sims said.
“I pay all my bills on time, always have,” she said. “But it just wasn’t making a difference.”
That was before a housing coach connected her to the Milwaukee Jewish Free Loan Association and changed what she thought was a never-ending cycle.
The Milwaukee Jewish Free Loan Association, 409 E. Silver Spring Drive, is a nonprofit that provides interest-free loans and other financial solutions to people of all faiths in southeastern Wisconsin.
Sims received a loan from the organization through its Debt Reduction Loan Fund. The loan covered her debt and allowed her to pay it back interest free.
“I am just grateful that I was told about this opportunity,” Sims said. “I didn’t realize how much it would help me progress.”
‘It’s a hand up, not a handout‘
Launched in 2023, the Debt Reduction Loan Fund, provides interest-free loans to people working with local housing agencies. The loans help them pay off high-interest credit cards, predatory loans or Internal Revenue Service debt.
The goal is to help people overcome all obstacles that can prevent them from qualifying for a mortgage.
Anna Koenig, executive director of the loan association, said that while the organization’s name contains “Jewish,” its services are available to anyone. Its model is built on the Jewish teaching that prohibits charging interest to those in need.
“It’s a hand up, not a handout,” she said. “Clients repay exactly what they borrow, nothing more. And their repayments help fund loans for the next family.”
Read stories and exhibits about Black issues in Milwaukee.
Comments Are Welcome
Note: We moderate submissions in order to create a space for meaningful dialogue, a space where museum visitors – adults and youth –– can exchange informed, thoughtful, and relevant comments that add value to our exhibits.
Racial slurs, personal attacks, obscenity, profanity, and SHOUTING do not meet the above standard. Such comments are posted in the exhibit Hateful Speech. Commercial promotions, impersonations, and incoherent comments likewise fail to meet our goals, so will not be posted. Submissions longer than 120 words will be shortened.
See our full Comments Policy here.