Number
171175
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BAUMAN
Title
Substitute resolution expressing the City of Milwaukee’s support for the Federal Historic and New Market Tax Credit programs and urging their continuation.
Analysis
This resolution expresses the City of Milwaukee’s support for the continuation of the Federal Historic and New Market Tax Credit programs and urges the President of the United States and the United States Congress to continue both programs at current levels. The Department of Administration - Intergovernmental Relations Division is directed to support efforts to preserve the Federal Historic and New Market Tax Credit programs.
Body
Whereas, Following public reaction against the urban renewal and highway-building projects of the 1960’s and early 1970’s, many of which resulted in the wholesale destruction of historic neighborhoods, public and lawmaker interest in preserving historic properties was renewed; and
Whereas, The Federal Historic Tax Credit (HTC) program was established in its current form in 1978 to spur economic development and, through a 20% tax credit, to create a financial incentive for developers and property owners to rehabilitate income-producing historic properties rather than demolish such properties in favor of new, cheaper construction; and
Whereas, HTC-aided projects leverage four private dollars for every dollar of federal support, have a 99% success rate (much higher than the real estate market as a whole), and are catalytic, generating additional real estate investment in nearby properties that spurs an area-wide revitalization cycle; and
Whereas, Since 1978, the HTC program has generated $132 billion in private investment involving nearly 43,000 projects, and has created 2.4 million jobs; and
Whereas, While the HTC program is a federal expenditure that has a public cost, when compared to the economic impacts generated by HTC-aided projects, including jobs, income, and federal, state and loc...
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