Starting Friday, developers will have the opportunity to apply for grant funding to help with the purchase and renovation of city-owned foreclosed properties in the Sherman Park area, Alderman Russell W. Stamper, II said.
“This is exciting, important news for an area that will benefit immensely from reinvestment and employment opportunities,” Alderman Stamper said. “I would especially urge local contractors to reach out and participate.”
On Friday, 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). An informational meeting regarding the RFQ will be held at 1:30 p.m. on Monday, January 9, in room 301-A of City Hall, 200 E. Wells St., and developers who are considering responding to the RFQ are urged to send a representative to the meeting.
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.
The RFQ will be posted on the Department of City Development’s website by the close of business on January 6.
