When someone purchases a home, they’re not only investing money into that home, but also investing in that surrounding community and subsequently to the state’s economy. Homeownership helps to strengthen neighborhoods and communities in various ways, from community involvement to helping the local business community thrive. No one understands this tried and true fact better than NeighborWorks® Alliance of Wisconsin.
An economic impact study just released said that in 2014, NeighborWorks® organizations contributed more than $69 million of economic activity to the state of Wisconsin. The stimulation of homeownership has great impact in investments being made back into the local economy, facilitated by NeighborWorks® organizations. State tax revenue from the Alliance members is over $3 million dollars.
NeighborWorks® organizations (NWO) provide homeowners with a variety of services and activities to individuals and families to create opportunities for people to live in affordable homes, improve their lives and strengthen their communities; comprised of seven member organizations that provide significant economic impact to the state’s economy.
“We’re also the sum of multiple regional efforts. Our Milwaukee-based organizations saw a boom in rehabilitated homes and new job development associated with that. In Green Bay, we’ve been able to keep household income and tax revenue in the area through foreclosure prevention activities. We’ve seen great success with members all over the state. Together, NeighborWorks® Alliance of Wisconsin members understand how to leverage scarce public and private resources to benefit our communities. We’re extremely proud of the impact we’ve had in strengthening communities in the state,” Noel Halvorsen, Chair of the NeighborWorks® Alliance of Wisconsin and Executive Director of NeighborWorks® Green Bay.
The report also found that homeownership activities boost other industries. In 2014, there were nearly 500 jobs created and/or sustained for Wisconsin residents.
“These findings demonstrate how necessary NeighborWorks® organizations are in supporting homeownership and making it more of a reality. NWOs understand that the impact of homeownership is more than just turning a key in the door,” said Lizz Casey, deputy director of NeighborWorks® Blackhawk Region and Vice Chair of the Alliance.”
Although harder to quantify, the job creation, and tax revenue benefits from the stability of homeownership activitivies and programming has a broad effect in other areas such as community development, public safety and small business support.
Homeownership is a cycle that keeps giving and continues to benefit neighborhoods and communities in a sustainable way throughout Wisconsin.
