Local Real Estate News

02/05/2024 5:00 PM | Dawn Anastasi (Administrator)

City of Madison introduces new program to help rental housing owners make repairs, upgrades

The City of Madison on Monday announced a new program aimed at helping rental housing owners pay for repairs and improvements at their properties.

The Rental Rehab Program allows property owners who charge no more than fair market rents get funding to prevent property deterioration, reduce safety risks and extend their buildings' lives.

"Our housing crisis requires an all-of-the-above approach," Mayor Satya Rhodes-Conway said. "While we work to bring more housing to Madison, we must also take care of what we have."

Funding through the program depends on the number of units on each property. Owners with 1-6 unit buildings can get up to $75,000; while those with 13-20 units could get up to $200,000.

Link to Full Article Here

Milwaukee Raze & Revive Initiative

According to a new release, a building located at 26th and Townsend is one of the first city-owned vacant properties to be demolished in 2024 by a team within the Department of Public Works.

This team will help address the backlog of vacant abandoned buildings in Milwaukee neighborhoods.

Once the Raze & Revive program is at full capacity, the DPW team will effectively double the city’s demolition capacity. These demolitions will increase public safety, improve property values, and create new opportunities for housing.

Link to Full Article Here

Real estate investors who buy up single family homes could get taxed under new bill

U.S. Sen. Tammy Baldwin is making a second attempt to pass federal legislation that would tax real estate investors who buy up substantial numbers of single family homes — the plan aimed at increasing the availability of affordable housing.

The Affordable Housing and Homeownership Protection Act would impose a transfer tax on investors who purchase and hold more than 15 single-family homes nationwide. The revenue would provide up to $50 billion over ten years to help build and preserve approximately 3 million affordable housing units nationwide, according to the senator.

VineBrook Homes Trust, based in Ohio, is one of the largest owners of single-family rental homes in Wisconsin. The company bought approximately 1,000 homes in Wisconsin and about 25,000 nationwide, according to the Milwaukee Journal Sentinel.

Oxford Economics conducted a third-party economic study of VineBrook Home’s impact on Milwaukee. According to the report, VineBrook Homes’ residents pay $113 below the prevailing rent in the area on average per month.

Link to Full Article Here

Note: The Journal Sentinel also published a similar article. In it, RPA Attorney Heiner Giese was quoted.

Heiner Giese, attorney for the city's landlord association, said he did not see a need for Baldwin's legislation.

"Why are they discriminating against renters and in favor of homeowners?" Giese said, adding that if the legislation became law, "there will be less rentals available, and that is going to hurt the person who wants to rent."

Link to Journal-Sentinel Article (behind paywall)

Rental Property Association of Wisconsin, Inc. (Formerly AASEW)
P.O. Box 4125
Milwaukee, WI 53204-7905
Phone: 414-276-7378

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