WAUWATOSA, Wis. (CBS 58) — Milwaukee County is investing $19 million of federal funding to raise affordable housing and homeownership.
Monday, Milwaukee County Executive David Crowley signed laws earning those people initiatives formal.
“We are asserting $15 million for inexpensive housing, $3 million for foreclosures rehabilitation and $1 million for vitality assistance,” mentioned Shawn Rolland, District 6 County Supervisor.
The dollars is coming from the American Rescue Plan Act.
“This genuinely builds on the operate we have currently performed to spend in housing at the county stage,” reported Crowley.
The invoice signing was held in front of a lately foreclosed home in Wauwatosa that will be suitable for a total rehab with the new funds.
Section of the intention is to maximize and sustain cost-effective housing access, primarily in suburban areas.
“Wauwatosa is not just a city of wealthy properties but sometimes has a difficulty of repairs…absolutely has a trouble of affordability,” said Wauwatosa Mayor Dennis McBride
“It truly is not just about acquiring accessibility to these houses within just the town of Milwaukee. We want persons to have obtain to our suburban communities as very well. We can’t focus individuals who want reasonably priced housing only in the metropolis of Milwaukee. we need to have to make certain we’re spreading the appreciate,” explained Crowley.
The aim of this housing initiative is also to increase entry to homeownership for underserved communities that historically experience obstacles when trying to buy a home.
“Looking at the market place level, seeking to buy a residence for numerous people it is out of their price issue. When you you should not have access to the exact same amount of loans by the financial institution or traditionally you won’t get people financial loans, or have not been finding these financial loans, it creates boundaries,” Crowley claimed.
County officials say there is continue to a lot get the job done to be performed to boost and keep economical housing across the county, but this is a significant action in the appropriate way.
