Number
210564
Version
ORIGINAL
Reference
200668
Sponsors
ALD. MURPHY, JOHNSON, AND STAMPER
Title
Resolution directing the Department of Administration - Intergovernmental Relations Division to seek introduction and passage of State legislation enabling municipalities to create local housing investment funds.
Analysis
This resolution directs the Department of Administration - Intergovernmental Relations Division to seek introduction and passage of State legislation that would enable municipalities to create local housing investment funds, utilizing increased property tax revenue for housing trust funds or segregated housing accounts to support local, affordable housing activities.
Body
Whereas, Wisconsin has a widespread housing shortage, and housing costs are rising faster than incomes; and
Whereas, State, federal and local programs that support affordable housing have proven inadequate in addressing the gap in low-income housing; and
Whereas, Current tax incremental financing programs allowed by State law to support local housing are useful, but limited by their statutory parameters, financial deadlines and lack of uniformity across different communities; and
Whereas, A Local Housing Investment Fund (LHIF) would use increased property tax revenue received from housing created in a community, such as housing conversions, publicly-owned housing acquired through in rem foreclosure that is upgraded and sold to private parties, and newly constructed rental complexes, condominiums and single/two-family housing; and
Whereas, Under LHIF, the tax revenue growth in a single year would be allocated to a housing trust fund or segregated housing account to support defined local housing activities in that municipality; and
Whereas, LHIF housing funds could be used for incentivizing the creation of new affordable or workforce housing units for households with income up to 60% or 100% of the area median gross income (AMGI) level, improving municipal-owned hou...
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