Alders raised concerns about the high bid price and the gap between the completion cost and the sale price – but city officials say the gap won’t be funded through local tax dollars
The Wausau Economic Development Committee on Tuesday approved a bid for a single-family infill housing project at a city-owned lot as part of the city’s initiative to provide affordable housing to qualifying buyers.
The bid for the proposed modular home, at 1019 West Bridge St., is about $350,000. That will result in a loss of approximately $200,000, as the completed home will be sold for $140,000 to $175,000 to an income-qualified first-time homebuyer. City staff noted that the cost of the affordable housing project would not come from tax bills but from external fsources such as the Community Development Block Grant (CDBG), Wisconsin Housing and Economic Development Authority (WHEDA), and American Rescue Plan Act (ARPA) funds.
Ken Notes: This is NOT sustainable... My guess is that if developers knew there was north of 300 K in the pot they would have bid the project...
Share this article on you social outlets
Our Sponsors
- - Volume: 25 - WEEK: 2 Date: 1/10/2025 10:39:55 AM -