Oct. 20, 2023 2:05p
(WGTD)---A three-year-old program in Racine that uses the state-authorized tax incremental financing tool to improve the housing stock is exceeding expectations.
About four-hundred homeowners in two neighborhoods have applied for grants of up to $10,000 to repair code violations, or have applied for one-on-one matching grants of up to $10,000 to make various other enhancements.
Over 70 applications were approved this week by the Community Development Authority.
Under the TID tool, the city recoups its money over time through increased property values.
Mayor Cory Mason said the program has proven to be popular. "You might get somebody who's on a fixed income who's really struggling to figure out how to repair the roof or fix the porch...It's an investment from the city but it usually comes with an investment from the homeowner as well so it's a win-win...One woman said to me when I was in her neighborhood earlier this year that she felt this was the first time that the city has invested in her neighborhood to fix it up and they felt pretty good about that and we do too."
The TID grants will be available in two other neighborhoods starting next year.
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