Number
140901
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BAUMAN, MURPHY, BOHL, PEREZ AND KOVAC
Title
Substitute resolution establishing the STRONG Homes Loan Program to be administered by the Department of City Development.
Analysis
This resolution creates a home repair loan program (the “STRONG Homes Loan Program”) to assist owner-occupants of one- to 4-family properties in making essential repairs to their homes. The program will help address the gaps that currently exist in home rehabilitation resources for Milwaukee homeowners.
Body
Whereas, Section 66.1105(6)(g), Wisconsin Statutes, provides that after the date on which a tax incremental district (“TID” or “district”), created by the City of Milwaukee (“City”), pays off the aggregate of all of its project costs, including project paving costs relating to any amendment to the project plan under s. 304-95-2, Milwaukee Code of Ordinances, the life of the district may be extended for one year and the additional tax incremental revenues may be used to benefit affordable housing and to improve the housing stock in the city; and
Whereas, On September 24, 2013, the Common Council passed File No. 130460, which created s. 304-96 of the Code of Ordinances to provide for the extension of TIDs for one year to improve the city’s housing stock; and
Whereas, On May 13, 2014, the Common Council approved File No. 131751, which established a framework for using tax increments to benefit affordable housing and improve the housing stock in Milwaukee, including supporting programs that help prevent foreclosures, improve the city’s housing stock and preserve and promote homeownership; and
Whereas, There has been a 10% decline in owner-occupancy of one- to 4-family properties since 2005; and
Whereas, Because of the foreclosure crisis and the decline in the housing market and residential property values, Milwaukee homeowners may have difficulty_obtaining conventional financing to make essential repairs to their ho...
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