Common Council unanimously approves plan to sell foreclosed properties in Sherman Park for $1
MILWAUKEE — The Milwaukee Common Council on Tuesday, April 18th unanimously approved a plan to sell up to 100 city-owned foreclosed properties in the Sherman Park area for $1 per property to six city-approved buyers.
According to a news release issued by Alderman Russell Stamper II, the resolution authorizes the $1 property sales and housing rehabilitation grants through the Milwaukee Employment/Renovation Initiative.
The six buyers were selected through a Request for Qualifications (RFQ) process, and the city has entered into grant agreements with those buyers, using funds provided by the Wisconsin Department of Financial Institutions to make grants of up to $10,000 per property to be used for rehabilitation expenses.
Alderman Khalif Rainey, whose 7th Aldermanic District includes Sherman Park and a large portion of the MERI project area, said the program will grant up to $1 million to fund the renovation of 100 houses by March 2018, bounded by North 60th Street, to North 20th Street, and from West Capitol Drive to West Lloyd Street.
According to the release, the MERI was approved by the Common Council in November 2016, and the RFQ process included a February 2017 deadline for prospective buyers.