Number
251448
Version
SUBSTITUTE 1
Reference
131751, 250001
Sponsor
ALD. BURGELIS
Title
Substitute resolution relating to the development of the funding proposal for affordable housing initiatives funded by tax incremental district extensions in the 2027 City Budget.
Analysis
This resolution directs the Department of City Development to provide a projection to the Common Council related to the amounts and potential uses for funding available for affordable housing initiatives funded by TID extensions in the 2027 City Budget, including analyzing the feasibility of using these funds to provide partner agencies with loan-loss reserves or loan guarantees to support affordable housing.
Body
Whereas, The Department of City Development administers tax incremental financing districts approved by the City of Milwaukee Common Council; and
Whereas, As permitted by s. 66.1105 (6)(g), Wis. Stats., s. 304-96 of the Code of Ordinances provides that, after the date on which a tax incremental district (“TID”) created by the City pays off the aggregate of all of its project costs, the life of the district shall be extended for one year if the Common Council adopts a resolution extending the life of the district for one year; and
Whereas, A TID-extension resolution shall specify how the City intends to use the additional tax incremental revenues to improve its housing stock, with at least 75 percent of the increments received for the benefit of affordable housing in the city and the remaining portion of the increments shall be used by the City to improve its housing stock generally; and
Whereas, On May 13, 2014, the Common Council adopted File Number 131751, a resolution establishing a framework for how funds made available from these TID extensions should be utilized city-wide for eligible housing uses and allocated by the Common Council through the annual City Budget process; and
Whereas, The 2026 Adopted Budget includes $2.3 million in DCD-administered capital fun...
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