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September 14, 2007
Milwaukee's Commitment to Affordable Housing
As a City, Milwaukee has much to be proud of in the area of affordable housing. Working with leaders like Alderman Michael Murphy, the Common Council and housing and community advocates, we have set the stage for the production of additional affordable housing units for years to come.
One initiative of note is the City of Milwaukee's Housing Trust Fund. Our current budget has provided the Housing Trust Fund with $2.5 million in borrowing authority, and earlier this week the Trust Fund Committee adopted a timetable for proposals. The first affordable housing units sparked by these dollars will be underway by early next year.
My 2008 budget will include an additional $400,000 for the Housing Trust Fund. At a time when our budget is tight and state shared revenues are in decline, I must ensure that we invest our limited resources wisely and hold the line on taxes. I would welcome the opportunity to invest more in the Housing Trust Fund, yet budgetary constraints are very real.
At the same time, the Housing Trust Fund is just one of the investments the City makes in affordable housing. In 2007, the City will leverage over $62 million in state, federal and local resources to build and maintain affordable housing in Milwaukee.
My Administration remains committed to investing in affordable housing, and I look forward to advancing this issue with our many friends and partners.
Sincerely,
Mayor, City of Milwaukee
Visit my website at: http://www.city.milwaukee.gov/mayor
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