Number
140229
Version
SUBSTITUTE 3
Reference
130460, 131751
Sponsor
ALD. BAUMAN, PÉREZ, KOVAC, STAMPER, AND DAVIS
Title
Substitute resolution creating a Housing Stock Improvement Program to be administered by the Neighborhood Improvement Development Corporation.
Analysis
This resolution creates a Housing Stock Improvement Program for owner-occupants of one- to 4-unit residential properties to maintain or improve their properties through interest-free loans forgivable upon 10 years of consecutive owner-occupancy from the date of loan approval. The program shall be administered by the Neighborhood Improvement Development Corporation.
Body
Whereas, Section 66.1105(6)(g), Wis. Stats., provides that after the date on which a tax incremental district (“TID”) created by the City of Milwaukee pays off the aggregate of all its project costs, the life of the district may be extended for one year and the additional tax incremental revenues used to benefit affordable housing and to improve the housing stock in the city; and
Whereas, On September 24, 2013, the Common Council adopted File No. 130460, creating s. 304-96, Code of Ordinances, which provides for the extension of TIDs for one year to benefit affordable housing and improve the housing stock in the city; and
Whereas, On May 13, 2014, the Common Council adopted File No. 131751, establishing a framework for using tax increments to benefit affordable housing and improve the housing stock in the city; and
Whereas, A January 2013 report by Harvard University’s Joint Center for Housing Studies indicated that combined United States home improvement activity in 2011 was below 2005 levels; and
Whereas, Due to the recent economic recession, homeowners of all income levels in the City may have put off regular and necessary home maintenance; and
Whereas, According to the 2014 report, “Underwater America,” from the University of California at Berkeley, 40 percent of Milwaukee homeowners were underwater on their m...
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