The housing shortage is happening across the nation. It is in every little village, town, city, and metropolitan area. Cities are competing for talent, investment and business growth, but without affordable, healthy and safe housing, the workforce foundation crumbles. So, what are our neighbors doing about their housing shortage?
Texas is booming with the offers from Lenar Homes. They have homes priced in the mid to upper $200K, and are offering programs that include:
take advantage of a Promotional FHA 5/1 ARM Rate of 3.875% (5.684% APR) - OR
Promotional FHA Fixed Rate of 4.625% (5.421% APR)
Paid closing costs (excluding discount points)
Up to $40K in Price Reductions
Connecticut is working with new legislation that would assign each town a certain number of housing units and require them administration to zone for them. It will also reduce parking requirements for developments.
Our neighbor to the north, Milwaukee, rolled out a much-anticipated update to its TIF policy in light of the housing shortage. It is, for the first time, extending its tax incremental financing to support housing for middle-income residents – a long-sought change meant to accomplish its goals of housing affordability and population growth.
Under this new plan, projects with units set aside for residents who make between 60% and 100% of AMI - “workforce housing” – will be considered for TIF assistance.
All of this movement helped Milwaukee become one of the fastest growing municipalities in the nation for housing starts.
There is also movement right in our back yard. Walworth County communities are taking steps to increase the workforce housing stock. The first community to take the steps toward solving their housing crisis was Whitewater.
Meadowview Court, developed by US Shelter Homes was one of the first projects. It is 38 side-by-side units built for the workforce population.
Most recently Hale Farm Subdivision is planned for 99 New single-family homes. Hale Farm homes propose up to 99 single-family homes on the city’s west side.
