With help from Ald. Murphy the city now has its first housing trust fund, a key component in city efforts to expand affordable housing opportunities in Milwaukee.
Ald. Murphy sponsored a resolution to establish the housing trust fund, which was introduced and approved at the Common Council meeting on September 26. The permanent trust fund will help provide affordable housing for the mentally ill, homeless and disabled more efficiently. It will also help fund renovations to existing apartments and help create new lower-cost houses.
Ald. Murphy chaired the Housing Trust Fund Task Force, which met weekly for months to create the structure and blueprint for the trust fund.
Potawatomi Bingo Casino proceeds, revenue from closed tax incremental financing districts and payments that churches or other non-profit institutions make instead of property taxes will finance the trust fund.
"The fund will help Milwaukee better meet critical housing needs," said Ald. Murphy. "The council wanted to ensure that every citizen in Milwaukee has equal opportunity to live in safe, comfortable and affordable housing."