By Jeramey Jannene - Mar 3rd, 2021 02:08 pm //end headline wrapper ?>Village of Shorewood. Photo by Jeramey Jannene.
The Shorewood Village Board unanimously chose to create a $2.5 million affordable housing fund Monday evening.
“This is a good start, this is the right start,” said trustee
Warren, the first Black trustee in village history, said he was fortunate enough to move to the village with his single mother when he was a junior in high school. “Frankly, I don’t know that people would be lucky enough to have that opportunity that I have now,” said Warren, now an attorney with Northwestern Mutual.
By Jeramey Jannene - Feb 26th, 2021 11:39 am //end headline wrapper ?>Village of Shorewood. Photo by Jeramey Jannene.
The Shorewood village trustees face a significant choice at their meeting next week Monday.
They could establish an approximately $2.5 million fund to support future affordable housing efforts, or provide property tax relief one year earlier.
The Community Development Authority (CDA) is recommending they do the latter.
The suburban community’s first tax incremental financing district is set to close, a change that would lower the village’s property tax rate next year. State law allows TIF districts, which have a maximum life of 27 years, to be extended one year and the proceeds placed into an escrow account for affordable housing efforts.