Milwaukee receives $2 million federal HUD grant to increase affordable housing

 

MILWAUKEE (CBS 58) --- Milwaukee is receiving some federal assistance to help increase affordable housing supply. 

The city has been awarded $2.1 million in grant funding from the U.S. Department of Housing and Urban Development (HUD). This grant is part of an $85 million dollar investment from the Biden Administration in what officials are calling a first-of-its kind program. 

Milwaukee is one of 21 cities awarded funds.  "Among the steep competition, the city of Milwaukee's application stood out," said Marion McFadden, HUD Principal Deputy Assistant Secretary. McFadden made a stop to Milwaukee City Hall to present the grant check to city officials Wednesday.

McFadden says the grant funds are meant to help develop and implement housing policy plans and improve strategies for affordable housing production. HUD's PRO Housing program comes as a nationwide shortage of housing drives up rental prices.

Federal officials say these investments are part of a bigger strategy to lower rent costs. Milwaukee rental costs have been steadily increasing over recent years and are among some of the highest in the Midwest.

"If you're adding more affordable housing, it not only decreases costs, but it presents another opportunity for people to actually have the opportunity to get into homeownership, which we know is the best way to build wealth in our city." said Mayor Cavalier Johnson.

Officials said the grant will help Milwaukee provide subsidies to builders to develop vacant lots and abandoned buildings.