Six organizations have been approved to receive grants through a Milwaukee initiative to redevelop tax-foreclosed homes in the city’s Sherman Park neighborhood.
The Milwaukee Employment/Renovation Initiative will help redevelop up to 100 foreclosed homes in the Milwaukee north side neighborhood, while also employing up to 100 residents to perform the work. The program is offering grants, funded with money from the state, to developers who will in turn purchase and rehabilitate homes. The houses will be sold for $1 each, so long as the grant recipients hire at least one unemployed or underemployed resident to help perform the rehabilitation work.
Of the 12 applications to participate in the program, a review panel selected Advance Investors, CUBE Development/FIT Investment Group, Ezekiel Community Development Corp., Gorman & Co., Strong Blocks Real Estate and T.E. X LLC. The Department of City Development will present a resolution to the Milwaukee Common Council to authorize the department to sell the properties to these selected developers.
“This is an investment in Sherman Park and nearby neighborhoods,” Mayor Tom Barrett said in a statement. “It will return foreclosed houses to productive use, and it will help many people reenter the workforce. It is a step forward for this area and for the entire city.”Follow @alexzank