Number
131632
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. MURPHY, BOHL AND BAUMAN
Title
Substitute resolution authorizing the Department of City Development to enter into an agreement with ACTS Community Development Corporation, as part of the Strong Neighborhoods Plan, to increase sales of City-owned property for owner-occupancy and appropriating funds for this purpose.
Analysis
This substitute resolution authorizes the City to enter into an agreement with ACTS under which ACTS will secure buyers for City-owned residential homes and will work with the buyers to prepare them for homeownership and assist them in making the repairs necessary to bring properties to a code compliant condition.
Body
Whereas, The City of Milwaukee (“City”) owns over 1,200 residential properties that it acquired by property tax foreclosure; and
Whereas, ACTS Community Development Corporation (“ACTS”) has worked with the City in the past by acquiring City-owned tax foreclosed properties and reselling them for homeownership; and
Whereas, The City and ACTS wish to enter an agreement, materially and substantially consistent with a Term Sheet, a copy of which is attached to this Common Council File, whereby the City will provide ACTS with funding to expand the capacity of ACTS to increase its sales of City-owned properties for homeownership and establish a forgivable loan program to buyers of City homes; and
Whereas, ACTS will find buyers for City homes valued at $15,000 or less that are within ACTS three target areas and will provide buyers with pre and post purchase homeownership counseling and assistance in the rehabilitation of the home they are purchasing to return it to a code compliant condition; and
Whereas, Consistent with the Strong Neighborhoods Plan, the City, by its Common Council, recognizes the public benefit of: returning City-owned properties to the tax rolls; restoration of tax foreclosed homes; stabilization of neighborhoods; reduction of blight; and foster...
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