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A new proposal would provide $2.3 million to help build 20 duplexes in Milwaukee’s Midtown area and 34 single-family houses.
These 74 new housing units will help meet the chronic demand for more affordable housing.
The new houses would generate the cash through property tax revenue. They would be constructed on vacant city-owned land in an area bordered by West Garfield Avenue West Vine Street North 23rd Street North 26th Street.
This is according to a proposal by the Department of City Development and Ald. Russell Stamper is the Alderman for Midtown, whose district includes Midtown.
The proposal must be approved by Common Council. The Redevelopment Authority board will review it at its meeting on Thursday.
The TIF district would fund an annual payment to the housing developer that’s equal to the property taxes generated by the new homes − less $7,500 in annual city expenses to operate the district.
The total amount of these annual payments, which could be made over a period of up to 25-years, would not exceed $2,340,000.
The new Common Council resolution establishing the TIF district does not name the prospective developer.
Department of City Development didn’t have any additional information on the project, called the Midtown Home Ownership initiative, at the time of this writing.
The initiative will join other affordable housing developments, such as Habitat for Humanity’s ongoing program and the Community Development Alliance’s new plan to build homes for child care workers.
Tom Daykin can be emailed at tdaykin@jrn.com You can also find out more about the following: followed on Instagram, X and Facebook.
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This article originally appeared in Milwaukee Journal Sentinel. Milwaukee plans $2.3 million to help build 74 affordable housing units
