Washtenaw County Treasurer’s ‘Bridge Loans to Affordability’ has won a coveted NACo (National Association of Counties) 2023 Achievement Award.
Established in 2019 by the county’s Treasurer Catherine McClary, the ‘Bridge Loans to Affordability’ is a revolving loan fund designed to assist with delinquent property taxes for homeowners ineligible for other grants and loans. These loans are often the last step for homeowners who have recently gained legal title to their home through the Home for Generations program (a NACo Achievement Award winner in 2021). The project was funded by the Board of Commissioners.
“Cultivating pathways to housing affordability and retention in Washtenaw County is a major priority for the Board," Commissioner Katie Scott of District 9 said. "Our investment in the Bridge Loan Fund will help empower homeowners by providing a lifeline to catch up when other grants and loans are inaccessible. Winning this award underscores the urgent need for comprehensive solutions that promote affordable housing.”
In order to have long-term housing sustainability, participants must demonstrate an ability to pay their property taxes going forward.
The Washtenaw County Board of Commissioners made a high-impact appropriation of $500,000 to the Bridge Loan Fund in the 2023 budget. Over the next decade, these funds will allow a multiplicative expansion of the scope and impact of this ground-breaking program targeting housing affordability and racial equity.
“We are grateful for the support of the Board," Treasurer McClary said in a thank you statement to the Commissioners. "The appropriation for Bridge Loans highlights their commitment to prevent tax foreclosure. We anticipate that the allocation for Bridge Loans can last for a number of years as we are using the funds judiciously, as needed, for low-income families. We are using other funding when a family is eligible in order to leverage the County’s allocation.”
The Bridge Loans to Affordability program supports Washtenaw County community goals of homeownership and affordable housing. The program attempts to counteract and address historic practices of segregation, redlining, restrictive covenants, and other housing discrimination.
