Nonprofits can buy city-owned foreclosures for $1, additional marketing to continue
Qualifying nonprofit organizations will be allowed to purchase certain cityowned, tax-foreclosed properties for one dollar.
Qualifying nonprofit organizations will be allowed to purchase certain cityowned, tax-foreclosed properties for one dollar, under legislation approved today by the Milwaukee Common Council and authored by President Michael J. Murphy, with the co-sponsorship of Council Members Russell W. Stamper II, Robert Bauman, Willie C. Wade, Nik Kovac and Ashanti Hamilton.
At the same time, efforts to market such properties will receive additional support from private real estate brokers. Alderman Murphy said other adopted legislation that he co-sponsored will expand a pilot program that has met with significant success.
“I’m glad to see this pilot program exceeding our expectations,” Alderman Murphy said. “Using real estate brokers to market the city’s stock of foreclosed properties has turned out to be an excellent example of a public-private partnership with the potential to benefit property owners citywide.”
Last November, the Common Council directed the Department of City Development to establish a nine-month trial program that would select five real estate brokers to market up to 100 tax-foreclosed properties. DCD reported that, as of mid-July, the real estate brokers selected in a Request for Qualifications had sold 67 properties, with 18 more offers accepted pending closing.
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