Milwaukee sets new TIF rules for workforce housing...

The city of Milwaukee has newly written guidelines for developers looking to work with the city and secure tax increment financing when working on affordable housing projects, with workforce housing as a new facet for public funding following developer demand.

Construction and borrowing costs are higher, driving developers to seek partnerships with the city for project financing. In some cases, developers have said that without public financing their projects would not get off the ground. Meanwhile, the city and developers are driving for more housing supply as rents have risen.

The six-page document from the city of Milwaukee Department of City Development outlined the city’s housing priorities and shared directions to follow to achieve tax increment financing. The documents arrived after discourse between the city and developers looking to expand workforce housing, and more than a year after the city’s downtown area plan was released.

“We’re excited to share publicly what we’ve been talking about with industry groups and specific developers over the last several months,” said Lafayette Crump, the commissioner of city development. “They have provided input into our policy, and we believe we’ve crafted a policy that is going to be impactful and move forward the kinds of projects we want to support, and we believe the city needs,” he added.....

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