In a recent government meeting, officials discussed the approval of a development agreement for Tax Incremental District (TID) number 119, aimed at revitalizing the Midtown area through the Homeownership Initiative. This initiative is set to transform 130 properties, including 80 vacant lots, into new housing opportunities, with a significant focus on increasing homeownership rates in the city.

Maria Prioletta from the Department of City Development outlined the initiative's goals, emphasizing its departure from traditional affordable housing projects. Instead of single-site developments, this scattered site district will feature the construction of 20 duplexes and 34 single-family homes, with a total investment of approximately $19.2 million. The project is expected to address the high demand for three-bedroom rental units and enhance owner occupancy in the area.

The financing structure includes a developer-financed TID contribution of $2.34 million at a notably low interest rate of 2.5%, significantly below current market rates. This financial strategy is designed to leverage additional funding and support the construction timeline, with duplexes anticipated to be completed by the end of next year and single-family homes by late 2027.

Teague Gwele Smith from the Community Development Alliance highlighted the pressing need for affordable housing in Milwaukee, particularly for families facing barriers in the housing market. He noted that the initiative is part of a broader strategy to combat rising housing costs and predatory investment practices that threaten community stability.

D'Shay Gee from Memgroup, one of the primary developers involved, expressed enthusiasm for the project, which aims to provide homes at 50% of the area median income. The initiative not only focuses on construction but also on ensuring minority participation throughout the development process.

The meeting underscored a collaborative effort among city officials, community organizations, and developers to create sustainable housing solutions in Milwaukee, with a strong emphasis on community engagement and long-term benefits for residents.