Number
201200
Version
ORIGINAL
Reference
200001
Sponsor
ALD. COGGS, HAMILTON AND STAMPER
Title
Resolution directing the Department of City Development to target down-payment assistance programs to renters and properties in neighborhoods where increases in property values will likely occur.
Analysis
This resolution directs the Department of City Development to target down payment assistance programs to renters and properties in neighborhoods where increases in property values will likely occur.
Body
Whereas, The 2021 City Budget was adopted by Common Council File Number 200001 on November 24, 2020; and
Whereas, Amendment 40A to the 2021 Budget placed a footnote in the Budget stating, “Down payment assistance programs shall target renters and properties in neighborhoods where increases in property values are expected consistent with Section 4.4 of the Anti-Displacement Plan”; and
Whereas, The 2021 Proposed Budget includes $2.9 million in new Homeownership Initiatives capital account to be funded by a one-year extension of TID #22 and administered by the Department of City Development (DCD); and
Whereas, Of the amount appropriated, $1.4 million is earmarked for a down-payment assistance program and $1.5 million is designated to support development of limited-equity homeownership models; and
Whereas, In February 2018, DCD published “A Place in the Neighborhood: An Anti-Displacement Plan for Neighborhoods Surrounding Downtown Milwaukee”, which highlights some of Milwaukee’s housing challenges and offers recommendations to reduce displacement and expand affordable housing; and
Whereas, The City also adopted a pilot Anti-Displacement Neighborhood Preference Policy in 2019 to require that a portion of the units within a new development are affordable, while a number of community stakeholders contribute to the Citizen Anti-Displacement Advisory Committee; and
Whereas, Section 4.4 of the Anti-Displacement Plan notes that DCD’s efforts to help moderate-income households and households of color to become homeowners should be focused primarily in neighborhoods that are expected to see property values increase; and
Whereas, In 2020, Milwaukee’s average property value assessment increased by 9.14% from 2019; and
Whereas, The City and its partner organizations seek to reduce barriers and create pathways to homeownership for renters who wish to become homeowners; and
Whereas, The COVID-19 pandemic and related economic downturn have impaired many prospective homeowners’ ability to make down payments on houses; now, therefore be it
Resolved, By the Common Council of the City of Milwaukee, that the Department of City Development shall target down-payment assistance programs to renters and properties in neighborhoods where increases in property values will likely occur; and, be it
Further Resolved, That the Department of City Development shall, within 90 days of adoption of this resolution, update the Common Council on its down-payment assistance programs, including its methods for targeting renters and properties in neighborhoods where increases in property values will likely occur.
Requestor
Drafter
Alex Highley
LRB176475-1
12/10/2020