The city of Milwaukee is looking to sell its foreclosed homes in the greater Sherman Park area for $1, and interested developers are eligible for a $10,000.00 grant per home.
“This entails a rehabilitation in the Sherman Park area. We’re going to do a massive rehabilitation of homes that are city owned in the neighborhood,” said Russell Stamper, the 15th District alderman who co-sponsored the legislation.
The program is funded in part from a $4.5M package Milwaukee received from the state and will subsidize 100 foreclosed homes in the Sherman Park area.
“You’ll get the house for a dollar and the requirement is that you have to hire from the community,” Stamper said. “Once you get the house you have to promote home ownership.”
Stamper said buyers would also have to hire people who are unemployed or under-employed.
Denise Capleton has lived in Sherman Park for 15 years and supports the program.
“For the people who don’t have any, that are trying to get a home and somebody can help them build a home,” Capleton said.
This isn’t the first time the city has sold homes for so little money.
A spokesman for the city said there was a similar program for non-profits a few years ago. The difference with the current initiative is the job component.
Request for Proposals (RFPs) will be available on Friday. An informational meeting is scheduled for Monday, Jan. 9.