The City of Milwaukee’s Common Council approved the creation of the Housing Infrastructure Preservation Fund, to pay for restoring and preserving vacant residential properties.
The City of Milwaukee’s Common Council Tuesday approved the establishment of a permanent, dedicated funding source, called the Housing Infrastructure Preservation Fund, to pay for restoring and preserving vacant residential properties.
The fund was created in part because of the large number of foreclosed homes in the city that are not being taken care of. It will be used to take care of homes that will eventually be sold.
“The city currently has far too many properties in its inventory that are in need of some restoration and rehab work to get them ready for sale, but there’s no money available to do that work,” said Ald. Robert Bauman. “The Housing Preservation Fund now can provide that critical dedicated funding to help turn these properties around, thereby preserving the city’s tax base, avoiding demolitions and increasing the city’s residential housing stock.”
The money for the fund will come from a variety of sources including the tax levy, general obligation borrowing and proceeds from sales of restoration properties.