2013 Wisconsin Real Estate and Economic Outlook Conference: City of Milwaukee Interventions in the Wake of Private Market Failures

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1 2013 Wisconsin Real Estate and Economic Outlook Conference: City of Milwaukee Interventions in the Wake of Private Market Failures Presented by: Jennifer Gonda, City of Milwaukee Director of Intergovernmental Relations

2 Context : Milwaukee Housing Market Basics 255,569 housing units of which 230,221 are occupied (90%) Median built year is 1950 compared to 1971 in Wisconsin as a whole Housing stock continues to age (longitudinal stat unavailable due to government shutdown) Older homes are expensive to repair and have high levels of lead paint and other challenges Average assessed property value (single family): $100,844

3 Context: Milwaukee s Foreclosure Crisis Since 2008, there have been over 26,000 foreclosure filings and 13,500 Sheriff sales in the City of Milwaukee As of September 2013, there were 3,639 homes in some type of foreclosure Approximately 3,000 residential lots currently vacant 466 homes demolished since 2010 at an average cost of $15,700 per home Residential assessed value has dropped by $4.5 BILLION, or 23%, since 2008

4 Context: City Owned Tax Foreclosures City now owns and maintains more than 1,100 in-rem properties Inventory has increased from 74 properties in 2007 City is the backstop for market failures City-acquired properties since 2008: 78 % Vacant, 88% Residential, 55-70% Investor-owned 150% rehab:value ratio on average City continues to have to prioritize demolition Over 550 raze orders pending City-wide 88% are emergency, Priority 1 & 2

5 In-Rem Property: Long Term Costs and Neighborhood Impacts Direct costs to the City budget & tax levy Pre-acquisition vacancy, nuisance, and crime Post-acquisition boarding, securing, maintenance, and demolition A drag on neighborhoods and neighbors Neighborhoods are both victims of and locations of crime In Rem properties are co-located with private foreclosures Risk to Neighborhood Stabilization Program and other accomplishments Foreclosures overlay demographic challenges

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10 Seven Layer Salad Foreclosures are concentrated in areas with: High Poverty High Crime High Unemployment Lack of Education Lack of Jobs Youth/Minorities Solutions have to be multifaceted: Intergovernmental Multi-departmental Public, private and nonprofit

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12 Shifting Property Tax Burden Class of Real Estate 2008 Assessed Value % of 2008 Levy 2012 Assessed Value % of 2012 Levy Residential $19,173,232,823 63% $14,750,294,600 58% Commercial/ Manufacturing $11,258,442,381 37% $10,571,805,978 42% Total $30,431,675, % $25,322,100, %

13 Decline in Population vs. Decline in Average Household Size* 2010 Size Ranking Geographic Area Population Estimates Average Household Size Place State 2010 Census 1960 Census Pop Change % Change 2010 Census 1960 Census Change % Change Ratio of Decline in Population vs. Household Size 22 Boston city Massachusetts 617, ,197 (79,603) -11.4% % Washington city District of Columbia 601, ,956 (162,233) -21.2% % Milwaukee city Wisconsin 594, ,324 (146,491) -19.8% % Minneapolis city Minnesota 382, ,872 (100,294) -20.8% % Philadelphia city Pennsylvania 1,526,006 2,002,512 (476,506) -23.8% % Baltimore city Maryland 620, ,024 (318,063) -33.9% % Pittsburgh city Pennsylvania 305, ,332 (298,628) -49.4% % Chicago city Illinois 2,695,598 3,550,404 (854,806) -24.1% % New Orleans city Louisiana 343, ,525 (283,696) -45.2% % Cleveland city Ohio 396, ,050 (479,235) -54.7% % St. Louis city Missouri 319, ,026 (430,732) -57.4% % Detroit city Michigan 713,777 1,670,144 (956,367) -57.3% % 3.00 *Cities with a 2010 population over 300,000 that declined in population since 1960, Census.gov

14 City Government Interventions: Residential - Past Action Milwaukee Foreclosure Partnership Initiative & Special Joint Committee established precedent and principles for addressing foreclosure impacts DCD - NSP I, II, & III $22 million direct, $140 million leveraged 600+ jobs created, 1,300 total housing units impacted 200 City-owned properties developed or renovated DNS foreclosure mitigation Demolition ($6 million/466 properties since 2010) Vacant Building Registration Program (2010) Residential Properties Pending Foreclosure (2009) Work with banks on ownership responsibilities & reporting

15 3-Year Strong Neighborhood Improvement Plan Mitigation Revitalization & Renewal Prevention

16 City Government Interventions: Residential Prevention DNS Essential Services $130,000 for low-cost code corrections Performed by contractors via DNS Owners can avoid special charges to tax bill DNS Vacant Building Registration Address vacant properties prior to City acquisition Prevent stripping of resources & preserve value for Real Estate Owned or In Rem buyers Continued coordination with non-profit counselors State legislative changes

17 City Government Interventions: Residential Mitigation DPW In House Demolition $2.2 million for 6.0 FTEs, 2.0 new Operating and Maintenance (O & M) cost per property is $16,120 vs. $15,700 on average for private demo 100 City-owned properties DNS Private Demolition $1 million O & M, $2.2 million capital Supplemented with recent State grants and City match 200 properties funded via budget, 200 via State funds DPW & DCD Maintenance DPW continues all grass and snow maintenance Cost to continue = $2+ million, additional 1.5 FTE Good neighbor approach

18 City Government Interventions: Residential Revitalization Move existing NSP rehab programs to City-funded Increase buyer base, more options for rehab scope Leverage SDC, WHEDA, and private rehab funds for buyers Goal: units Fully implement Rent-to-Own program 2-year process of rehab, repair, and counseling for tenants Up to $20,000 investment per property for 30 properties Housing Infrastructure Preservation Fund Mothball significant and historic properties for future sale Weatherize Avoid costly demolitions

19 City Government Interventions: Residential Renewal Vacant lots Productive use and re-use Preserve value and development potential Community, Home Gr/Own and stormwater uses Innovative housing partnerships Work with agencies and CBOs with capacity Alternative to traditional mortgage transactions Low price, low margin transactions Bulk sales for development and rehab City-wide coordination Achieve the best value for investment Position City and neighborhoods for long-term success

20 Data Driven Approach to Resource Deployment

21 Other Interventions: Job Creation/30 th Street Corridor Goal is to transform an underserved, economically distressed area into a modern employment center and economic hub Efforts to improve job skills and average income levels in surrounding neighborhoods Reverberating effects on nearby housing stock Potential: 518 industrially zoned acres in the corridor 120 developable acres in Century City 1&2 alone Workforce training for nearby unemployed Infrastructure/stormwater investments

22 A.O. Smith Tower Automotive

23 Century City Business Park

24 Conclusions - Opportunities Long-term positive impact of reduction in the inventory of older, poor quality housing stock Reduction in the number of housing units will result in fewer housing vacancies, leading to high demand that will drive up the average property value Investment in job creation in 30th Street Industrial Corridor will raise the median income of surrounding neighborhoods, which should positively impact the condition of the housing stock Stronger relationships between city departments, banks and other levels of government Job training opportunities in demolition and rehab

25 Reflections Direct city government impacts are an echo of the financial crisis. It will take several years to catch up. This is a good example of where government has to be the backstop when the private market fails Several new lines of business for city government = a big learning curve. Pending legal outcome, removal of residency requirement may be a setback due to loss of population having a higher average income. Residential property interventions cannot be undertaken in isolation of other types of interventions.

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