Developers Looking into Esperanza Unida's Building
A building owned by a local nonprofit is on the brink of foreclosure, but the organization said they may be getting closer to a solution.
Esperanza Unida has helped Latino families for years, and now the financial strain they've endured has finally caught up with them.
Foreclosure proceedings against the vacant building owned by Esperanza Unida are set to begin at the end of the month.
The nonprofit owes around $95,000 in back taxes for their building on West National.
Executive Director Manuel Perez says the organization moved out of the building two years ago, and travel to families to continue to provide services.
The group says they need to come up with around half of the $95,000 by end of the month or the city will take it over. But that may soon change.
"There was not much interest from developers so as a result I had to offer it for lease to the market and they came forward,” said Perez.
The group is in talks with two companies that are interested in taking over the building through a rent to own option. They group that takes over would also have to renovate the building, which currently cannot be used because it's in such bad shape.
"I am very glad that Hispanic business people have come forward and indicated to me that they are willing to help out with the back taxes and rehabilitating the building to advance their businesses create jobs and advance economic development in the city of Milwaukee,” said Perez.
Perez said they'll decide on which company will take over the building by the end of the month.
The group continues to help families.
They are just not working out of a building at this time.