Year of Housing: Milwaukee Department of City Development Proposes $4.7 Million to Support Affordable Housing Developments
Mayor administration’s proposed TIDs to support high-impact projects in City of Milwaukee neighborhoods
MILWAUKEE – Milwaukee Mayor Cavalier Johnson’s Department of City Development (DCD) is proposing two new Tax Incremental Finance Districts (TID) to advance critical affordable housing developments in neighborhoods across the City of Milwaukee.
“These are exactly the kinds of projects we need more of in Milwaukee, and the city can play an important role in getting them completed,” Mayor Johnson said. “Affordable housing developments today require multiple funding sources, critical partnerships, and strong commitment. Now more than ever during the Year of Housing, we are putting in the work to pursue housing developments like these because the need is real and they will make a lasting difference for our residents.”
These investments will fund projects that align with DCD’s housing tax incremental financing (TIF) for housing development policy and reflect the city’s commitment to expanding housing choice throughout Milwaukee.
“Each of these proposed developments represents a significant effort to meet the demand for affordable housing across the City of Milwaukee,” DCD Commissioner Lafayette Crump said. “These are complex deals and our team is committed to delivering new housing options that bring lasting positive impacts for hard-working Milwaukee residents and families.”
TID 133 (2711 W. Wells St.) would support the adaptive reuse of a long-vacant former hospital building located at 2711 W. Wells St. into 124 affordable housing units. The development, led by the Milwaukee Development Corporation, will serve households earning between 30% and 80% AMI and will be financed through a combination of Low Income Housing Tax Credits allocated by the Wisconsin Housing and Economic Development Authority (WHEDA) and Historic Tax Credits. The project will bring new life to a prominent building while addressing housing needs through a complex financing structure.
“It takes persistence and creativity to bring a vacant building like this back to life,” District 4 Alderman Robert Bauman said. “This is the type of project that is incredibly important to deliver for our neighborhood and city, as it represents both preservation and over 100 new housing opportunities for Milwaukee residents.”
Total project costs for the development are estimated at approximately $50.7 million. DCD is proposing a TID investment of $2.6 million to support the project.
TID 134 (Austin Commons) would support construction of Austin Commons, a new 100-unit affordable housing development for households earning between 30% and 80% of AMI in the Bay View neighborhood. The project is led by a co-development team of Northernstar Companies and Commonwealth Development Corporation and includes WHEDA financing. This development would add affordable housing to a high-demand area. Total project costs for the development are estimated at approximately $33.3 million. DCD is proposing a TID investment of $2.135 million to support the project.
The Redevelopment Authority of the City of Milwaukee is scheduled to review the proposed TIDs on April 16 prior to consideration by the Common Council. Project plans will be made available online prior to the meeting.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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