Single-Family Home Ownership Program Named a Mutual of America 2017 Community Partnership Award Winner

NEW YORK, Nov. 16, 2017 /PRNewswire/ -- Mutual of America announced today that the Single-Family Home Ownership Program was named a Merit Finalist award recipient of its 2017 Community Partnership Award competition.

The Urban League of Greater Madison created the program to help address homeownership disparities in Madison. Forged in 1992 in a partnership with the Wisconsin Affordable Housing Corporation and U.S. Bank that is called Madison Community Reinvestment Associates, the program is making the dream of homeownership a reality for area low-income families and is helping them to work toward economic self-sufficiency.

The Single-Family Home Ownership Program has purchased and upgraded more than 50 single-family houses in various Madison neighborhoods. These homes are then leased to qualifying low-income families at affordable rental rates. Participating families also receive financial education and home maintenance counseling. At the end of the program, families have the option to purchase the house at an affordable price, with no down payment; plus, all mortgage reduction and appreciation in value is passed directly to them.

"To date, 31 participating families have purchased their homes, and the average equity passed along to them is nearly $50,900 – a total of $1.58 million for the families," said Ruben Anthony Jr., PhD, Chief Executive Officer of Urban League of Greater Madison. "Equally encouraging, household incomes grew by an average of 77%, credit scores improved and household assets increased more than tenfold."

About the Mutual of America Community Partnership Award

The Mutual of America Community Partnership Award annually honors the outstanding contributions that nonprofit organizations, in partnership with public, private and other social sector organizations, make to society. Since 1996, the Community Partnership Award has recognized 220 partnerships from cities and towns across America. To watch videos of all of the national award-winning programs, visit the Mutual of America Foundation Community Partnership Award channel on YouTube.

About Mutual of America

Mutual of America specializes in providing retirement products and services to organizations and their employees, as well as to individuals. Since 1945, Mutual of America has remained committed to offering plan sponsors, plan participants and individuals carefully selected, quality products and services at a competitive price and the personal attention they need to help build and preserve assets for a financially secure future. For more information, visit mutualofamerica.com.

SOURCE Mutual of America Life Insurance Company

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