Number
111511
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. HINES, WADE, WITKOWIAK, and COGGS
Title
Substitute resolution directing the Department of City Development to create a plan for conveying City-owned housing to qualified existing tenants.
Analysis
This resolution directs the Department of City Development to create a plan to promote conveyance of residential properties to qualified existing tenants who occupy housing acquired by the City as the result of tax foreclosure.
The plan, to be reported to the Common Council not later than May 1, 2012, will address alternatives for expansion of current efforts, availability and development of resources, tenant qualifications and requirements, and will include a proposed budget.
Body
Whereas, The economic recession that began with the collapse of housing markets in 2008 has resulted in foreclosures of thousands of residential mortgages in the City of Milwaukee; and
Whereas, The inability of many owners of residential properties to meet financial obligations, including property taxes during this period of recession and distressed housing markets, has resulted in the City's foreclosure acquisition of many hundreds of residential properties for failure of the owners to pay taxes; and
Whereas, The City Treasurer reports that nearly 500 properties with improvements were acquired by the City in 2011, and that the Office of City Treasurer plans to pursue in rem foreclosure against more than 1,300 tax delinquent parcels in 2012; and
Whereas, Approximately one-third of tax-foreclosed residential properties are occupied by tenants at the time they become City property; and
Whereas, Owner-occupied homes promote neighborhood stability, crime reduction and increased property values, and therefore the promotion of home ownership is a significant City priority; and
Whereas, Obstacles to the purchase of City-owned residential units by existing tenants include limited resources to assure that building code ...
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