Developers hope to create 48 units of housing on three-acre property.
Two city-controlled public financing sources would be used to advance the redevelopment of a long-closed Milwaukee Public Schools building into affordable housing.
First publicly revealed in 2019, the former Carleton Elementary School, 4116 W. Silver Spring Dr., would be redeveloped into 48 units of affordable housing as part of a $21.2 million project.
n Thursday, the board of the Redevelopment Authority of the City of Milwaukee (RACM) endorsed a tax incremental financing (TIF) subsidy and a loan to close a financing gap in the project’s financing stack.
The TIF subsidy would take the form of a developer-financed district, effectively a property tax rebate. Over a period of no more than 25 years, the city would provide up to $970,000 plus 6.55% interest. The development team would be receive the subsidy on an annual basis based on the amount of incremental property tax revenue generated by the development. The newly-created TIF district, the city’s 125th, would only include the 3.6-acre school property...
Leo`s notes: Milwaukee’s Carleton School redevelopment shows what workforce equity can look like in action: affordable housing, local hiring, and small business inclusion. More projects should follow this lead.
Ken Notes: This "Pay as You Go" approach is a great way to fund a project withiut asuming a great deal of risk.
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- - Volume: 25 - WEEK: 25 Date: 6/16/2025 9:42:32 AM -