Grant funding available: City of Milwaukee seeks developers to purchase, rehab homes in Sherman Park
MILWAUKEE — City of Milwaukee officials are looking for developers to purchase and renovate city-owned, foreclosed homes in the Sherman Park area — and grant money is available.
According to a release from Alderman Russell W. Stamper II, on Friday, January 6th, the Milwaukee Department of City Development will issue the official request for qualifications seeking developers who wish to apply for the Milwaukee Employment/Renovation Initiative (MERI). Developers will have the opportunity to apply for grant funding to help with the purchase and renovation of these foreclosed properties.
MERI will grant up to $1 million to subsidize the renovation of 100 tax-foreclosed houses in the Sherman Park neighborhood, generally bounded by N. 60th Street, N. 20th Street, W. Capitol Drive and W. Lloyd Street.
Developers will be required to purchase five or more city-owned foreclosed properties within the target area, renovate them to code-compliant standards and hire at least one unemployed or underemployed individual for each house purchased.
The maximum grant per house is $10,000.
“This is exciting, important news for an area that will benefit immensely from reinvestment and employment opportunities. I would especially urge local contractors to reach out and participate,” Stamper II said in the release.
The request for qualifications will be posted on the Department of City Development’s website by the close of business on January 6th.