PyraMax bank commits $1 million for Harambee neighborhood home ownership

The city of Milwaukee and an area bank are teaming up to make homeownership more affordable and improve the city's neighborhoods.

Pyramax Bank announced 1 million dollars of mortgage lending in the Harambee Neighborhood. The loans will be used for rehabbing homes located there.

Mayor Tom Barrett says the neighborhood is fighting back to make the neighborhood strong.

"For people who live in this neighborhood, they have great neighbors, they have great organizations that are here. They're seeing new commercial development and they're seeing a lot of amenities that will allow this community to be even stronger," said Mayor Tom Barrett. 

Pyramax Bank is also hosting a "Harambee Homeownership Initiative" open house this Saturday at the bank's branch in the Third Ward. Potential homebuyers can learn about loan options, financial assistance, and apply for pre-approval. The open house is from 9 to noon.