powered help
header-left header-center header-right
Share to Facebook Share to Twitter Bookmark and Share
File #: 200459    Version: 0
Type: Resolution-Immediate Adoption Status: Passed
File created: 7/28/2020 In control: COMMON COUNCIL
On agenda: Final action: 7/28/2020
Effective date:    
Title: Resolution directing the Commissioner of City Development to prepare a report on the feasibility of using tax incremental financing for a homeownership assistance program.
Sponsors: ALD. RAINEY, ALD. STAMPER, ALD. LEWIS, ALD. PEREZ, ALD. KOVAC, ALD. COGGS
Indexes: DEPARTMENT OF CITY DEVELOPMENT, HOME OWNERSHIP, RESIGNATIONS, TAX INCREMENTAL FINANCING

IMMEDIATE ADOPTION

Number

200459

Version

ORIGINAL

Reference

 

Sponsor

ALD. RAINEY, STAMPER, LEWIS, PEREZ,  KOVAC AND COGGS

Title

Resolution directing the Commissioner of City Development to prepare a report on the feasibility of using tax incremental financing for a homeownership assistance program.

Analysis

This resolution directs the Commissioner of the Department of City Development to prepare a report on the feasibility of using tax incremental financing for a homeownership assistance program, and present this report to the Common Council within 60 days of adoption of this resolution.

 

Body

Whereas, Homeownership and owner-occupancy have enormous benefits to a community; and

 

Whereas, A study in February, 2020 found that 80% of homes in Milwaukee were owner-occupied in 2005, but that dropped to 69% at the end of 2019; and

 

Whereas, The COVID-19 pandemic has financially strained Milwaukee residents, making down payments, closing costs and mortgages more difficult to afford; and

 

Whereas, A tax incremental financing district is an economic development tool used frequently in Milwaukee for spurring development; and

 

Whereas, There is a dire need within Milwaukee to provide assistance to individuals attempting to purchase homes; now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee, That the Commissioner of City Development is directed to prepare a report on the feasibility of using tax incremental financing for a homeownership assistance program; and be it

 

Further Resolved, That the Commissioner of City Development shall present this report to the Common Council within 60 days of adoption of this resolution.

Requestor

 

Drafter

LRB176232-1

Luke Knapp

7/21/2020